The National Bank of Hungary left its benchmark interest rate unchanged at 5.5% at its September 2026 meeting, as expected. The decision followed four rate cuts this year and came amid elevated global risks, with geopolitical tensions continuing to pressure energy prices. Headline inflation edged up to 1.3% in August, although the reading was below June's inflation forecasts. In turn, policymakers lowered the medium-term inflation target to 2.5±1%, which will enter the monetary policy horizon starting 2028, citing favorable inflation expectations and trends. Looking ahead, the average expected inflation remains unchanged for 2026, while the forecast was raised for 2027 to 3.1% and lowered for 2028 to 2.6%. Meanwhile, the economic growth forecast was lowered for 2026, 2027 and 2028, to 1.8%, 2.9% and 2.8%, respectively, amid a declining agricultural output due to extreme drought. source: National Bank of Hungary

The benchmark interest rate in Hungary was last recorded at 5.50 percent. Interest Rate in Hungary averaged 10.52 percent from 1987 until 2026, reaching an all time high of 28.00 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 Base Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2026.

The benchmark interest rate in Hungary was last recorded at 5.50 percent. Interest Rate in Hungary is expected to be 5.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Hungary Base Rate is projected to trend around 4.00 percent in 2027 and 3.50 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-07-21 12:00 PM Interest Rate Decision 5.75% 6% 5.75% 5.75%
2026-08-25 12:00 PM Interest Rate Decision 5.5% 5.75% 5.5% 5.5%
2026-09-22 12:00 PM Interest Rate Decision 5.5% 5.5% 5.5% 5.5%
2026-10-20 12:00 PM Interest Rate Decision
2026-11-17 01:00 PM Interest Rate Decision
2026-12-15 01:00 PM Interest Rate Decision


Related Last Previous Unit Reference
Cash Reserve Ratio 6.00 6.00 percent Sep 2026
Central Bank Balance Sheet 29384.39 29734.94 HUF Billion Aug 2026
Deposit Interest Rate 4.50 4.50 percent Sep 2026
Foreign Exchange Reserves 63499.80 64306.90 EUR Million Aug 2026
Interbank Rate 5.50 5.50 percent Oct 2026
Interest Rate 5.50 5.50 percent Sep 2026
Interest Rate 5.50 5.50 percent Sep 2026
Loans to Private Sector 13874.20 13868.10 HUF Billion Aug 2026
Money Supply M0 17130.50 17053.00 HUF Billion Aug 2026
Money Supply M1 36966.00 36518.50 HUF Billion Aug 2026
Money Supply M2 47658.70 47425.80 HUF Billion Aug 2026
Money Supply M3 50783.80 50512.30 HUF Billion Aug 2026


Hungary Base 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 base rate.
Actual Previous Highest Lowest Dates Unit Frequency
5.50 5.50 28.00 0.60 1987 - 2026 percent Daily
NSA

News Stream
Hungary Holds Rate as Expected
The National Bank of Hungary left its benchmark interest rate unchanged at 5.5% at its September 2026 meeting, as expected. The decision followed four rate cuts this year and came amid elevated global risks, with geopolitical tensions continuing to pressure energy prices. Headline inflation edged up to 1.3% in August, although the reading was below June's inflation forecasts. In turn, policymakers lowered the medium-term inflation target to 2.5±1%, which will enter the monetary policy horizon starting 2028, citing favorable inflation expectations and trends. Looking ahead, the average expected inflation remains unchanged for 2026, while the forecast was raised for 2027 to 3.1% and lowered for 2028 to 2.6%. Meanwhile, the economic growth forecast was lowered for 2026, 2027 and 2028, to 1.8%, 2.9% and 2.8%, respectively, amid a declining agricultural output due to extreme drought.
2026-09-22
Hungary Cuts Rate as Expected
The National Bank of Hungary lowered its base rate by 25bps to 5.5% after its August 2026 meeting, as expected by markets, to mark a fourth rate cut this year. The further reduction in interest rates was aligned with the soft inflationary backdrop in the Hungarian economy. The headline rate fell to 1.2% in July and the core inflation rate eased to 1.9%, despite the recent increase in most of Hungary's trading partners following the outbreak of war in the Middle East. In turn, the forint remained at stronger levels than the average since 2022, holding the increases since Magyar was elected Prime Minister, consolidating the leeway for the NBU to attend to the economy.
2026-08-25
Hungary Cuts Rate as Expected
The National Bank of Hungary lowered its base rate by 25 basis points to 5.75% at its July 2026 meeting, in line with market expectations and extending its easing cycle. The decision came as annual inflation eased to 1.7% in June from 1.8% in May, remaining below the central bank's 2%-4% target range for a second consecutive month, providing room for further monetary easing. Governor Mihály Varga indicated that one additional rate cut could be delivered over the summer before the central bank reassesses the outlook alongside updated macroeconomic projections in September. However, the forint has weakened by nearly 2% against the euro since the previous meeting amid renewed geopolitical tensions, increasing upside risks to inflation through higher energy import costs. Looking ahead, the domestic risk assessment is influenced by expectations regarding the fiscal path and the introduction of the euro, as well as developments in the Middle East conflict.
2026-07-21