MNB raises 1-week deposit rate 200 bp to 9.75%
Photo by Andocs / Shutterstock.com
The National Bank of Hungary (MNB) raised the rate for its one-week deposit facility by 200 bp to 9.75% ahead of a tender on Thursday, according to a report by state news wire MTI.
MNB deputy governor Barnabás Virág said late Wednesday that the central bank would raise the one-week deposit rate on Thursday, "reacting decisively" to the situation that has evolved on financial markets in recent days.
The central bank stands ready to use all elements in its toolkit to intervene in the interest of ensuring price stability, he said. The situation that has developed on financial markets increases inflation risks and "clearly puts price stability at risk", he added.
The forint had weakened to new historical lows on Tuesday and Wednesday.
The one-week deposit rate now stands 200 bp over the 7.75% base rate.
MOL Shareholders Approve Dividend of Around HUF 250/Share
Gov't Awards HUF 6.5 bln of Subsidies to SMEs in Underdevelo...
Hungary's Largest ESG Consultancy Formed by Merger of EY, De...
Liz & Chain Rooftop Bar Debuts Sustainable Cocktails
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.
