MNB getting close to phasing out its stabilisation tools

Hungary’s central bank (MNB) reiterated the message that it’s unlikely to cut its base rate anytime soon, when it left that rate on hold again today (at 13.00%). That said, the MNB offered some signs that it may be close to phasing out its market stabilisation tools (which includes a daily deposit interest rate of 18.00%). In our view, this could happen as soon as next quarter.

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