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PM Orban Proposed Leaving EU Package of Sanctions Off The Agenda

HUNGARY
  • PM Viktor Orban has proposed leaving the European Union's latest package of sanctions against Russia off the agenda of the next meeting of the European Council at the end of May, claiming "solutions must precede sanctions" (BBG).
  • NBH Virag mentioned yesterday that the central bank needs to slow base rate hikes to about ‘50bps’ and does not need double-digit base rate.
  • Virag added that headline inflation is expected to exceed 10% in the months ahead, and restoring economic equilibrium is key for Hungary.
  • The NBH is expected to leave its 1W depo rate steady at 6.45% on Thursday.
  • Even though policymakers have been calling inflation a ‘public enemy’ and the HUF weakness is supporting inflation expectations, the forint is currently driven by factors outside of the monetary policy realm (i.e. geopolitical uncertainty).
  • Hence, the NBH has tried to limit the interventions via the 1W depo rate facility and stick to ‘monthly decision’ along with the ‘core’ policy rate.
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