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Magyar Nemzeti Bank maintains base rate at 9.50%

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At its meeting on 7 July, the Monetary Council considered the latest economic and financial developments and left the central bank base rate unchanged at 9.50%.

Market yields and the forint exchange rate started to stabilise in the wake of the interest rate increases by the Magyar Nemzeti Bank.

With the Bank's major policy rate at 9.50%, the Monetary Council expects fluctuations in market yields and the forint exchange rate to narrow further. More predictable movements in yields and the forint exchange rate will likely increase the attractiveness of investment opportunities offered by Hungarian government securities. This, in turn, may result in the gradual appreciation of the exchange rate.