Hungary’s central bank left its key rate unchanged after cutting it for two straight months.
The Monetary Council of the Magyar Nemzeti Bank on Tuesday decided to hold the base rate at 0.60 percent, as widely expected.
The bank had lowered the rate by 15 basis points each at the previous two rate-setting sessions.
The overnight central bank deposit rate was retained at -0.05 percent and the one-week collateralized loan rate was maintained at 1.85 percent.
Liam Peach, an economist at Capital Economics, said further interest rate cuts are now off the table. The rise in inflation and the central bank’s concerns about the forint mean that the risks are becoming skewed towards tightening.
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