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. source: National Bank of Hungary

Interest Rate in Hungary averaged 10.88 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 July of 2021.

Interest Rate in Hungary is expected to be 0.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Hungary to stand at 1.00 in 12 months time. In the long-term, the Hungary Interest Rate is projected to trend around 1.25 percent in 2022 and 1.50 percent in 2023, according to our econometric models.

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Hungary Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.90 0.60 28.00 0.60 1987 - 2021 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2021-03-23 01:00 PM 0.6% 0.6% 0.6% 0.6%
2021-04-27 12:00 PM 0.6% 0.6% 0.6% 0.6%
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 0.9% 1.1% 1.1%
2021-08-24 12:00 PM
2021-09-21 12:00 PM
2021-10-19 12:00 PM


News Stream
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 Holds Key Rate At 0.6%
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 April 27th, saying it stands ready to act if necessary to ensure price stability amid the third wave of the coronavirus pandemic. The central bank revised up forecasts on Q2 headline inflation to 5 percent, thus overshooting the Bank’s target range of 2-4 percent, saying that spikes in consumer prices will occur in the coming months due to base effects, rising fuel prices, a further increase in excise duties and demand-supply frictions as the economic activity recovers. At the same time, GDP is expected to grow by between 4 and 6 percent in 2021, by between 5 and 6 percent in 2022 and by 3.5 percent in 2023.
2021-04-27
Hungary Key Rate Unchanged at 0.6%
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 March 23rd 2021, as expected after the annual inflation rate climbed to 3.1 percent in February, within the 3 percent (+/- 1 percentage point) NBH’s medium-term target. The central bank sees inflation reaching 5 percent in the second quarter of 2021, before returning to the target range, because of higher fuel prices and tax changes. At the same time, the overnight and one-week collateralised lending rates were also kept at 1.85 percent.
2021-03-23

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.