BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

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MNI BRIEF: Text of Bank Of Canada Interest-Rate Decision

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Rate Decision Takes Focus With Cut to Upper Rate Expected (1300BST/1400CET)

HUNGARY
  • The key rate and effective rate are likely to remain unchanged at 13% and 18% respectively, though the NBH are expected to cut the O/N collateralised loan rate from 25% at today’s central bank meeting (1300BST/1400CET). Deputy Governor Virag said a “significant” narrowing of the interest rate corridor may be on the cards at this meeting in a shift from his usual hawkish rhetoric. Timing of the post-rate presser has not yet been confirmed.
  • The government has increased the windfall tax rates on bank profits, while also shrinking the tax base, according to a decree published in the official gazette. The banking tax rate, currently at 8% of profits, will be raised to 13%, with a second rate of 30% on a tax base above HUF10b applicable for the second half of the year.
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