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Virag Says Hungary Needs to Continue with "Disciplined" MonPol Approach

HUNGARY

NBH Deputy Governor Virag spoke in an interview to local news site 24.hu. In the interview, he said Hungary will need to continue a “disciplined” monetary policy and maintain positive real rates.

  • On inflation, Virag said the central bank expects inflation data for October to be slightly above 10 percent, and for December the indicator may be close to 7 percent. By November, around 8.5 percent seems realistic.
  • Virag cites market expectations for benchmark interest rates to be around 7-8% in mid-2024 and 6% by the end of next year, says central bank needs take inflation and market stability into account.
  • It was also said that the new risks that have appeared in the recent period - especially the events in Israel - do not for the time being necessitate a rethinking of the macro path outlined in the September inflation report, but the worsening of the situation threatens to cause oil prices to rise, so there is a lot of uncertainty.
  • See the full piece here.
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