Monetary Council kept all policies unchanged today

HUNGARY - In Brief 25 Oct 2022 by Istvan Racz
At this month's regular rate-setting meeting, all policies were upheld with no change today. This means the O/N deposit rate at 18%, the O/N repo rate at 15% and the base rate at 13%. The Council's statement effectively repeated what was said in the Q3 inflation report, published in late September. In his usual online 'background conversation', vice governor Virág also gave little new information after the meeting. One new detail was a clarification that the MNB will sell euros for forints off-market to energy importers only until end-2022. In terms of analysis, he said that September was probably the worst month as regards the current account balance, as from October, the deficit most probably fell on decreasing gas and electricity import prices. Mr. Virág said that the 'mid-October policy framework, including most notably the 18% O/N deposit rate, will be maintained until the market assessment of Hungary risk has improved significantly. Once this framework is can be phased out, it will be done gradually.

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