The National Bank of Hungary held its base rate at the expected 13% in May 2023 and noted the need to keep the current level over a prolonged period to ensure anchored inflation expectations and the sustainable achievement of the inflation target. In April, the annual inflation rate declined to 24%, while the core index was 24.8%. The lender projected price growth to slow rapidly in the coming months on tightening conditions and an intensification of base effects from mid-year. Inflation is set to return to its range by 2024. The Council also decided to reduce the interest paid on optional reserves by 100 basis points, effective from 24 May, and to lower the O/N collateralized lending rate by 100 basis points to 19.5%. Policymakers deem it warranted to cut the interest rate on the one-day quick deposit tenders and foreign exchange swap tenders by 100 basis points. They will use instruments to absorb interbank forint liquidity in the long term, thus strengthening the transmission. source: National Bank of Hungary
Interest Rate in Hungary averaged 10.74 percent from 1987 until 2023, reaching an all time high of 28.00 percent in January of 1995 and a record low of 0.60 percent in July of 2020. This page provides the latest reported value for - Hungary Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Hungary Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2023.
Interest Rate in Hungary is expected to be 13.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations.