The National Bank of Hungary held its base rate unchanged at 13% for the second straight decision in its November meeting, in line with market expectations and previous signals from the central bank that it ended the hiking path for the base rate. Currently, the instrument to combat soaring inflation and the weakening forint is the newly-created one-day deposit facility with an interest rate of 18%, also unchanged in the meeting, effectively replacing the base rate. The facility was created as the weakening local currency and high energy prices drove Hungarian Prime Minister Viktor Orban to pressure the central bank to enact emergency measures, also leading the NBH to hike its overnight collateralized lending rate by 950 basis points to 25% in October. In October, the annual inflation rate in Hungary rose to 21.1%, the highest in 26 years. Meanwhile, the forint is down 18% against the dollar year-to-date. source: National Bank of Hungary

Interest Rate in Hungary averaged 10.71 percent from 1987 until 2022, 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 December of 2022.

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. In the long-term, the Hungary Interest Rate is projected to trend around 11.00 percent in 2023 and 7.00 percent in 2024, according to our econometric models.

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Hungary Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-09-27 12:00 PM 13% 11.75% 12.75% 12.75%
2022-10-25 12:00 PM 13% 13% 13% 13%
2022-11-22 01:00 PM 13% 13% 13% 13%
2022-12-20 01:00 PM 13% 13%


Related Last Previous Unit Reference
Interest Rate 13.00 13.00 percent Nov 2022
Interbank Rate 15.46 15.46 percent Dec 2022
Money Supply M1 33882.30 34257.60 HUF Billion Oct 2022
Money Supply M0 13267.40 9933.90 HUF Billion Oct 2022
Money Supply M2 41432.30 42244.90 HUF Billion Oct 2022
Money Supply M3 41847.00 42595.20 HUF Billion Oct 2022
Foreign Exchange Reserves 36883.80 38740.10 EUR Million Oct 2022
Loans to Private Sector 10443.90 10347.60 HUF Billion Apr 2022
Deposit Interest Rate 12.50 12.50 percent Nov 2022
Cash Reserve Ratio 1.00 1.00 percent Aug 2022
Central Bank Balance Sheet 25737.80 26350.90 HUF Billion Apr 2022

Hungary Interest Rate
In Hungary, interest rates decisions are taken by the Monetary Council of the Hungarian National Bank (Magyar Nemzeti Bank). The main interest rate is the central bank base rate on refinancing credit maturing over one year that the Central Bank lends to financial institutions.
Actual Previous Highest Lowest Dates Unit Frequency
13.00 13.00 28.00 0.60 1987 - 2022 percent Daily

News Stream
National Bank of Hungary Holds Key Rates Steady
The National Bank of Hungary held its base rate unchanged at 13% for the second straight decision in its November meeting, in line with market expectations and previous signals from the central bank that it ended the hiking path for the base rate. Currently, the instrument to combat soaring inflation and the weakening forint is the newly-created one-day deposit facility with an interest rate of 18%, also unchanged in the meeting, effectively replacing the base rate. The facility was created as the weakening local currency and high energy prices drove Hungarian Prime Minister Viktor Orban to pressure the central bank to enact emergency measures, also leading the NBH to hike its overnight collateralized lending rate by 950 basis points to 25% in October. In October, the annual inflation rate in Hungary rose to 21.1%, the highest in 26 years. Meanwhile, the forint is down 18% against the dollar year-to-date.
2022-11-22
NBH Hikes O/N Rate by 950bps in Emergency Meeting
The National Bank of Hungary hiked its overnight collateralized lending rate by 950 basis points to 25% in an emergency meeting on October 14, 2022, while keeping the benchmark base rate unchanged at 13%. The NBH also created a new one-day deposit facilitiy with an interest rate of 18%, effectively replacing the base rate. The decision was made to support the forint and stem inflation as PM Orban asked the monetary authority to intervene, as the local currency depreciated 24% this year and reached a record-low on October 12. In its last scheduled meeting, the NBH hiked its benchmark base rate by 125bps to 13%, above expectations of a 100bps increase and lifting borrowing costs to levels not seen since early 2000. The decision follows a 100bps hike in the prior two meetings, adding to the 12.4 percentage points in interest rate hikes since the start of its tightening path in May of 2021.
2022-10-14
Hungary Hikes Key Rate, Signals End of Tightening
The National Bank of Hungary hiked its benchmark base rate by 125bps to 13% in its September meeting, above expectations of a 100bps increase and lifting borrowing costs to levels not seen since early 2000. At the same time, the council stated that the hike marked the end of the central bank’s tightening path, as the rate is restrictive to bring down inflation. The decision follows a 100bps hike in the prior two meetings, adding to the 12.4 percentage points in interest rate hikes since the start of its tightening path in May of 2021, as the central bank combats inflation that rose to a 24-year high of 15.6% in August. Policymakers stated that inflation is set to continue rising in the coming months due to foreign factors and lifted year-end inflation forecasts to 11.5-14% for 2023, compared to previous projections of 6.8-9.2%. Higher borrowing costs also aim to support the forint as the currency continuously extended its record low since the start of the second quarter.
2022-09-27