The National Bank of Hungary raised its benchmark base rate by 50 bps to 5.9 percent at its May 31st meeting, slightly below market expectations of a 60bps increase. It was the 12th consecutive rate hike, as the central bank attempts to curb surging inflationary pressure and a weakening forint due to commodity supply shocks amid the war in Ukraine. Policymakers held inflation expectations unchanged since the last meeting, forecasting that year-end inflation will range from 7.5-9.8%. The latest CPI figures pointed to an annual increase of 9.5 percent in consumer prices. At the same time, the forint depreciated nearly 7% against the euro year-to-date. . source: National Bank of Hungary

Interest Rate in Hungary averaged 10.70 percent from 1987 until 2022, 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 June of 2022.

Interest Rate in Hungary is expected to be 6.00 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 8.50 percent in 2023, according to our econometric models.

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Hungary Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-03-22 01:00 PM 4.4% 3.4% 4.15% 4.15%
2022-04-26 12:00 PM 5.4% 4.4% 5.4% 5.4%
2022-05-31 12:00 PM 5.9% 5.4% 6% 6.4%
2022-06-28 12:00 PM 5.9% 6.4% 6.4%
2022-07-26 12:00 PM
2022-08-30 12:00 PM


Related Last Previous Unit Reference
Interest Rate 5.90 5.40 percent May 2022
Interbank Rate 7.70 7.70 percent Jun 2022
Money Supply M0 9177.00 9192.90 HUF Billion May 2022
Money Supply M1 34082.40 34384.50 HUF Billion Apr 2022
Money Supply M2 39873.60 39601.60 HUF Billion Apr 2022
Money Supply M3 39980.80 39726.40 HUF Billion Apr 2022
Foreign Exchange Reserves 34059.30 34311.90 EUR Million May 2022
Loans to Private Sector 10375.00 10175.20 HUF Billion Dec 2021
Deposit Interest Rate 5.90 5.40 percent May 2022
Cash Reserve Ratio 1.00 1.00 percent Feb 2022
Central Bank Balance Sheet 25100.90 26364.60 HUF Billion Jan 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
5.90 5.40 28.00 0.60 1987 - 2022 percent Daily

News Stream
Hungary Hikes Key Interest Rate to 5.9%
The National Bank of Hungary raised its benchmark base rate by 50 bps to 5.9 percent at its May 31st meeting, slightly below market expectations of a 60bps increase. It was the 12th consecutive rate hike, as the central bank attempts to curb surging inflationary pressure and a weakening forint due to commodity supply shocks amid the war in Ukraine. Policymakers held inflation expectations unchanged since the last meeting, forecasting that year-end inflation will range from 7.5-9.8%. The latest CPI figures pointed to an annual increase of 9.5 percent in consumer prices. At the same time, the forint depreciated nearly 7% against the euro year-to-date.
2022-05-31
Hungary Hikes Key Interest Rate as Expected
The National Bank of Hungary raised its benchmark base rate by 100bps to 5.4 percent on April 26th, in line with market expectations, and signaled it will continue the cycle of interest rate hikes in its next meeting. It was the 11th consecutive rate hike, as the central bank attempts to curb surging inflationary pressure and a weakening forint due to commodity supply shocks amid the war in Ukraine. Policymakers said that inflation could rise to 9.8 percent this year as a result of the war. In March consumer prices rose 8.5 percent yearly, the highest rate since 2007, despite government-imposed ceilings on energy, basic foods, and mortgages. Meanwhile, latest output figures indicate the Hungarian economy expanded 7.1 percent in 2021, and is expected to grow at a slower 2.5-4.5 percent in 2022, as the MNB said that strong domestic demand may partly offset adverse effects brought by the war.
2022-04-26
Hungary Hikes Key Interest Rate More than Expected
The National Bank of Hungary raised its benchmark base rate by 100bps to 4.4 percent on March 22nd, while signaling that rate hikes in the future will continue in larger steps than previously thought as inflationary pressures pose a threat to the economy. The figure stands as the highest since May of 2013 and above market expectations of a 75bps increase. It was the tenth consecutive rate hike, as the central bank attempts to curb strong inflationary pressure and a weakening forint after the currency's selloff due to the war in Ukraine. Consumer inflation rose to the 14-year high of 8.3 percent in February, driven by higher prices for energy and agricultural goods and well above the central bank’s target of 2%-4%. Also, the forint fell 4% compared to the dollar this year after touching an all-time low in the beginning of March. Meanwhile, the MNB expects the GDP to grow by 2.5-4.5% in 2022, down from earlier estimates of 5% due to economic effects of the war in Russia.
2022-03-22