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Magyar Nemzeti Bank maintains base rate at 9.50%

Magyar Nemzeti Bank maintains base rate at 9.50%

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Magyar Nemzeti Bank maintains base rate at 9.50%

6 October 2003

At its meeting on 6 October 2003, the Monetary Council considered the latest economic and financial developments and left the central bank base rate un-changed at 9.50%.

The forint exchange rate has continued to appreciate, returning to the upper range of the HUF/EUR 250 to 260 band. Dampening inflation expectations, the current level of the forint exchange rate allows for the possibility that the rise in inflation anticipated for 2004 will remain temporary, i.e. inflation in December 2004 will not be in excess of 5.5%, and that disinflation will resume after 2004.