MNB firmly in inflation-fighting mode

Hungary’s central bank (MNB) stepped up the pace of tightening today with a 100bp increase in its base rate, to 4.40%, and the hawkish communications underline the view that the central bank will respond to the deterioration in the inflation outlook with further tightening. We expect the base rate and short-term interbank interest rates to rise towards 8% in the coming months.

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