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.