Hungary's National Bank (MNB) will announce its Monetary Policy Decision today. Economists at Commerzbank analyze Forint’s outlook ahead of the meetin
MNB is set to continue lowering its interest rate corridor at this month’s MPC meeting. It has become usual over the past few meetings for the central bank to lower its emergency rate corridor by 100 bps – the same is expected today. But, this meeting assumes additional significance because the one-day depo rate will drop to the same level as the base rate. The MPC may repeat that it will maintain a cautious approach until inflation has moderated decisively.
What is more, at his parliament address on Monday, PM Viktor Orban raised the stakes by announcing that ‘the government had taken over the task and responsibility of fighting inflation, … This is a novelty as usually it is central banks and not governments which have inflation targets’ – such remarks will only serve to boost policy uncertainty and are surely negative for the exchange rate.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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