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NBH to Kick Off Tightening Cycle With 30bps Hike

HUNGARY
  • NBH is expected to raise its benchmark by 30bps for the first time since the March 2020 panic, up to 0.9%, following NBH policymakers' recent hawkish comments.
  • Growing concerns over inflation risks have led to a rising number of policymakers adopting a more hawkish tone in recent weeks.
  • May CPI print remained elevated at 5.1% YoY, significantly higher than NBH 4% upper tolerance band.
  • On Friday, PM Orban in a state radio interview that he was 'very concerned' that 3mil people (about a third of the country's population), have not taken up a coronavirus vaccine, after several weeks of great progress.
  • Hungary's 2022 budget risks touching off a speculative attack against the country in financial markets, central bank Governor Governor Gyorgy Matolcsy warned in comments that showed a deepening rift with Prime Minister Viktor Orban over economic policy (BBG).
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