Wed, 28 Jul 2021

Hungarian central bank raises base rate to 0.9 pct

23 Jun 2021, 04:30 GMT+10

BUDAPEST, June 22 (Xinhua) -- The Monetary Council of the Hungarian National Bank (MNB), the central bank, raised its base interest rate by 30 basis points to 0.9 percent, MNB said on Tuesday.

The move was of no surprise and came in line with the expectations of analysts.

The base rate of the Hungarian central bank has been on hold at 0.6 percent since July 2020.

Gyorgy Matolcsy, governor of the central bank, said that a lasting rise in inflation would jeopardize the recovery of the Hungarian economy.

According to official data released on June 9, the country's inflation stood at 5.1 percent in May.

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