MNB raises 1-week depo rate by 75 bp to 5.35%

MNB

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The National Bank of Hungary (MNB) raised the rate for its one-week deposit facility by 75 bp to 5.35% ahead of a tender on Thursday, according to a report by state news wire MTI.

MNB policymakers had signaled in January that the central bank aims to change the one-week deposit rate once a month but stands ready to use the instrument "flexibly" and could modify it more frequently, if necessary.

On Tuesday, the central bank acknowledged the impact of the war in Ukraine on financial markets and said it was prepared "to intervene using all elements of its toolkit to ensure the stability of Hungarian financial markets".

The one-week deposit rate now stands 195 bp over the 3.4% base rate.

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