Hungary’s central bank held its base rate steady at 6.5% in November 2024 for the second straight month as expected. Rates for collateralized loans and overnight deposits also remained unchanged at 7.5% and 5.5%, respectively. In October, Hungary's annual headline inflation rose to 3.2% from 3% in September, while core inflation eased to 4.5% from 4.8%. The central bank’s decision aimed to stabilize the forint, which saw sharp declines following Donald Trump's election win, triggering notable currency losses in emerging markets. The forint has dropped about 2.5% against the euro since October, nearing a two-year low, making it the weakest among European emerging-market currencies. Deputy Governor Barnabas Virag indicated last month that rates could remain unchanged for an extended period. source: National Bank of Hungary

The benchmark interest rate in Hungary was last recorded at 6.50 percent. Interest Rate in Hungary averaged 10.69 percent from 1987 until 2024, 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 Base Rate - data, historical chart, forecasts and calendar of releases - was last updated on November of 2024.

The benchmark interest rate in Hungary was last recorded at 6.50 percent. Interest Rate in Hungary is expected to be 6.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations.




Calendar GMT Reference Actual Previous Consensus TEForecast
2024-09-24 12:00 PM Interest Rate Decision 6.5% 6.75% 6.5% 6.5%
2024-10-22 12:00 PM Interest Rate Decision 6.5% 6.5% 6.5% 6.5%
2024-11-19 01:00 PM Interest Rate Decision 6.5% 6.5% 6.5% 6.5%
2024-12-17 01:00 PM Interest Rate Decision 6.5% 6.5%
2024-12-17 01:00 PM Inflation Report


Related Last Previous Unit Reference
Cash Reserve Ratio 10.00 10.00 percent Oct 2024
Central Bank Balance Sheet 29334.74 29570.14 HUF Billion Sep 2024
Deposit Interest Rate 5.50 5.50 percent Nov 2024
Foreign Exchange Reserves 46462.50 46020.80 EUR Million Oct 2024
Interbank Rate 6.50 6.50 percent Nov 2024
Interest Rate 6.50 6.50 percent Nov 2024
Interest Rate 6.50 6.50 percent Nov 2024
Loans to Private Sector 12741.60 12663.30 HUF Billion Sep 2024
Money Supply M0 17574.90 17596.50 HUF Billion Sep 2024
Money Supply M1 31998.10 32168.80 HUF Billion Sep 2024
Money Supply M2 41870.90 41988.90 HUF Billion Sep 2024
Money Supply M3 43963.90 44167.20 HUF Billion Sep 2024

Hungary Base 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 base rate.
Actual Previous Highest Lowest Dates Unit Frequency
6.50 6.50 28.00 0.60 1987 - 2024 percent Daily
NSA


News Stream
Hungary Holds Base Rate Steady for Second Month
Hungary’s central bank held its base rate steady at 6.5% in November 2024 for the second straight month as expected. Rates for collateralized loans and overnight deposits also remained unchanged at 7.5% and 5.5%, respectively. In October, Hungary's annual headline inflation rose to 3.2% from 3% in September, while core inflation eased to 4.5% from 4.8%. The central bank’s decision aimed to stabilize the forint, which saw sharp declines following Donald Trump's election win, triggering notable currency losses in emerging markets. The forint has dropped about 2.5% against the euro since October, nearing a two-year low, making it the weakest among European emerging-market currencies. Deputy Governor Barnabas Virag indicated last month that rates could remain unchanged for an extended period.
2024-11-19
Hungary Keeps Base Rate Unchanged as Expected
Hungary's central bank kept its base rate unchanged at 6.5% during its October 2024 meeting, in line with expectations, following a 25 basis points cut in the previous month. Additionally, the rates on collateralized loans and overnight deposits were also unchanged at 7.5% and 5.5%, respectively. In September, Hungary's headline inflation dropped to 3%, the lowest in more than three and a half years, down from 3.4% in August, while core inflation edged higher to 4.8% from 4.6%. Deputy Governor Barnabas Virag recently signaled a more cautious stance, suggesting the rate could remain unchanged for an extended period due to geopolitical risks and shifting U.S. rate expectations.
2024-10-22
Hungary Resumes Monetary Easing as Expected
Hungary's central bank lowered its base rate by 25 basis points to 6.5% during its September 2024 meeting, in line with expectations, following a pause in its rate-cutting cycle last month after ten consecutive reductions since October 2023. Additionally, The rates on collateralized loans and overnight deposits were also cut by 25 basis points, to 7.5% and 5.5%, respectively. Deputy Governor Barnabas Virag had previously indicated that the pause was temporary, suggesting room for one or two more quarter-point cuts this year, depending on inflation trends and policy decisions by the Federal Reserve and European Central Bank. In August, Hungary's headline inflation dropped to 3.4%, the lowest in three and a half years, down from 4.1% in July, while core inflation edged slightly lower to 4.6% from 4.7%.
2024-09-24