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Three-month MNB deposit and the key policy rate

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The MNB’s most important instrument is the three-month MNB deposit. From 23 September 2015, the rate on the three-month MNB deposit serves as the policy rate, i.e. this rate best reflects the monetary policy stance and changes thereunto. The key policy rate is set by the Monetary Council, as the central bank’s supreme decision-making body. By changing the base rate, the central bank influences short-term money market rates and, indirectly, general economic developments. The central bank deposit facility is offered for counterparties in monthly fixed rate tenders. From the tender held on 26 October 2016, access to the three-month deposit facility is subject to quantitative restriction.

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