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The key policy rate

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The key policy rate is set by the Monetary Council, as the central bank’s supreme decision-making body.

From 23th September 2015 until 18th December 2018 the three-month MNB deposit was the key policy instrument of the Bank. Since the reduction of the volume of the 3-month deposit to zero, the role of main policy instrument has been fulfilled by the minimum reserves.

The MNB shall pay interest equal to the central bank base rate on the average monthly balance of the bank accounts managed for credit institutions. In case when credit institutions hold less minimum reserves than required the MNB punishes credit institutions with penalty interest equal to the central bank base rate. In case when credit institutions hold more minimum reserves than required, the Bank punishes credit institutions - on the part above the amount corresponding to the minimum reserves - with an interest rate according to the Notice availabe at: https://www.mnb.hu/en/payments/mnb-as-a-bank.

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