ADVERTISEMENT

MNB: Next quarterly report will be a 'milestone'

MNB

Photo by Adriana Iacob/Shutterstock.com

The next quarterly Inflation Report of the National Bank of Hungary (MNB), due out late in September, will be a "milestone" in the tightening cycle the central bank started in June, deputy governor Barnabás Virág said in an interview published in business daily Világgazdaság.

"We promised proactive, resolute steps. So far, the base rate has risen by 90 basis points, and we have started the gradual withdrawal of our crisis management tools. Our September Inflation Report will be a milestone in that process. The new forecast will provide an opportunity to assess the incoming data and the impact of our steps so far, and to identify which further steps are necessary and with which tools," Virág told the newspaper.

He said there are two types of central banks at present.

"The one just talks about inflation risks, while the other has already put on the gloves and is doing something about it. We belong to the latter. We can't sit back. Our goal is unchanged: we want to be among the first to restore price stability," he added.

Virág warned that every period of inflation in history had started with decision-makers judging the first price spikes "as temporary."

ADVERTISEMENT

Average age of coronavirus patients declining Analysis

Average age of coronavirus patients declining

Parl't votes to phase out savings coops integration framewor... Parliament

Parl't votes to phase out savings coops integration framewor...

Roche Szolgáltató appoints P&C business partner lead Appointments

Roche Szolgáltató appoints P&C business partner lead

Budapest airport shuttle bus service expanded City

Budapest airport shuttle bus service expanded

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.