June 23, 2020
Hungary’s central bank cut its benchmark interest rate for the first time in four years, surprising analysts who had expected the rate to be kept steady.
The National Bank of Hungary (NBH) cut its central bank base rate by 15 basis points to 0.75 percent as of June 24, the central bank said in a brief statement prior to its monetary policy statement.
The last time the central bank cut its base rate was in May 2016 when it was also cut by 15 basis points.
NBH left its other main rates unchanged, including the overnight deposit rate at minus 0.05 percent, and the overnight and one-week collateralised loan rates at 1.85 percent, respectively.
