The National Bank of Hungary lifted its benchmark base rate by another 30 basis points to 1.5% on August 24th, a level not seen since June of 2015, as expected. The central bank also hiked the overnight deposit rate and the collateralised loan rate by the same margin to 0.55% and 2.45%, respectively. The decision was aimed at curbing inflationary pressures and re-anchoring inflation expectations, amid a buoyant economic recovery. Headline inflation eased to 4.6% in July from a nine-year high of 5.3% in June, but it is expected to remain above the central bank tolerance band of 3% +/- 1 percentage point until the end of the year. Hungarian policymakers have stressed that they’ll keep up the tightening cycle until inflation is on track to hit the central bank’s 3% target over the monetary horizon. The central bank also announced that it would start gradually winding down its government bond purchase programme. source: National Bank of Hungary

Interest Rate in Hungary averaged 10.84 percent from 1987 until 2021, reaching an all time high of 28 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 Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on September of 2021.

Interest Rate in Hungary is expected to be 1.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Hungary Interest Rate is projected to trend around 2.75 percent in 2022 and 3.00 percent in 2023, according to our econometric models.

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Hungary Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
1.50 1.20 28.00 0.60 1987 - 2021 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2021-05-25 12:00 PM 0.6% 0.6% 0.6% 0.6%
2021-06-22 12:00 PM 0.9% 0.6% 0.85% 1%
2021-07-27 12:00 PM 1.2% 0.9% 1.1% 1.1%
2021-08-24 12:00 PM 1.5% 1.2% 1.5% 1.5%
2021-09-21 12:00 PM 1.5% 1.75% 1.75%
2021-10-19 12:00 PM 1.9%
2021-11-16 01:00 PM 2%
2021-12-14 01:00 PM


News Stream
Hungary Hikes Key Rates as Expected
The National Bank of Hungary lifted its benchmark base rate by another 30 basis points to 1.5% on August 24th, a level not seen since June of 2015, as expected. The central bank also hiked the overnight deposit rate and the collateralised loan rate by the same margin to 0.55% and 2.45%, respectively. The decision was aimed at curbing inflationary pressures and re-anchoring inflation expectations, amid a buoyant economic recovery. Headline inflation eased to 4.6% in July from a nine-year high of 5.3% in June, but it is expected to remain above the central bank tolerance band of 3% +/- 1 percentage point until the end of the year. Hungarian policymakers have stressed that they’ll keep up the tightening cycle until inflation is on track to hit the central bank’s 3% target over the monetary horizon. The central bank also announced that it would start gradually winding down its government bond purchase programme.
2021-08-24
Hungary Hikes Key Rates More than Expected
The National Bank of Hungary raised its benchmark base rate by 30 basis points to 1.2 percent on July 27th, a level not seen since March of 2016 and more than market expectations of a 20 bps increase. The central bank also hiked the overnight deposit rate by 30 bps to 0.25 percent. Inflationary pressures continued to mount following the previous interest rate hike, with consumer prices rising 5.3 percent in June, the fastest rate in the EU and the highest level since 2012. Policymakers pledged to resume the tightening cycle until inflation is brought back to the central bank’s target band, between 2% and 4%.
2021-07-27
Hungary Raises Key Rate Above Expectations
The National Bank of Hungary raised its benchmark base rate by 30 basis points to 0.9 percent on June 22th, a level not seen since May of 2020 and slightly above market expectations of a 25 bps increase, while the overnight deposit rate was left unchanged at -0.05 percent. Nonetheless, the interest rate hike wasn’t a total surprise, as policymakers had previously expressed that the central bank would commence its tightening cycle to tackle concerns about strong inflationary pressures, amid a faster-than-expected economic recovery. In May, the annual inflation rate stood at 5.1 percent, the same as in the month before and above the central bank’s tolerance band of 2-4 percent, mainly driven by a 36.2 percent surge in fuel prices. The monetary council said headline inflation will likely remain above the target range until the end of the year.
2021-06-22
Hungary Leaves Key Rate Unchanged at 0.6% in May
The National Bank of Hungary held its benchmark base rate unchanged at 0.6 percent and the overnight deposit rate at -0.05 percent on May 25th, on what could be the last meeting before a likely interest rate hike in June. Policymakers reiterated that the bank would adjust short-term rates proactively to tackle inflationary risks and to ensure price stability, in line with previous statements by the Deputy Governor, who also mentioned monetary policy would enter a new phase from June, when the economy is expected to fully reopen. The Monetary Council assessed that risks to the outlook for inflation have strengthened recently. Consumer prices in April jumped 5.1 percent year-on-year, above the central bank’s target range between 2 and 4 percent, mainly driven by a surge in transport prices. Meanwhile, the economy advanced 1.9 percent on quarter in the first three months of 2021, signalling a faster recovery.
2021-05-25

Hungary Interest 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 central bank base rate on refinancing credit maturing over one year that the Central Bank lends to financial institutions.