The National Bank of Hungary raised its benchmark base rate by 30 basis points to 2.1 percent on November 16th, the highest since February of 2015, and in line with expectations. It was the sixth rate-hike in a row as the inflation outlook remains tilted to the upside. The consumer price index rose 6.5 percent in October, driven by increases in fuel, industrial goods and food prices. Meanwhile, the monetary authority judges that the Hungarian economy has restarted successfully, as GDP grew by 6.1 percent, 0.7 percent higher than its pre-pandemic level during the third quarter of 2021 and monthly indicators suggest a continuation of the recovery but at a slower pace during the fourth quarter. Looking ahead, the Monetary Council will continue the cycle of interest rate hikes until the outlook for inflation stabilises around the central bank target of 2-4% and inflation risks become evenly balanced. source: National Bank of Hungary

Interest Rate in Hungary averaged 10.78 percent from 1987 until 2021, 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 November of 2021.

Interest Rate in Hungary is expected to be 2.30 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 2.75 percent in 2022 and 3.00 percent in 2023, according to our econometric models.

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Hungary Interest Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-09-21 12:00 PM 1.65% 1.5% 1.75% 1.75%
2021-10-19 12:00 PM 1.8% 1.65% 1.8% 1.8%
2021-11-16 01:00 PM 2.1% 1.8% 2.1% 2.1%
2021-12-14 01:00 PM 2.1% 2.3%


Related Last Previous Unit Reference
Interest Rate 2.10 1.80 percent Nov/21
Interbank Rate 3.32 3.32 percent Nov/21
Money Supply M0 10717.60 10155.70 HUF Billion Oct/21
Money Supply M1 31289.60 31052.20 HUF Billion Sep/21
Money Supply M2 35488.10 35077.40 HUF Billion Sep/21
Money Supply M3 35618.90 35161.90 HUF Billion Sep/21
Foreign Exchange Reserves 37559.70 38273.00 EUR Million Oct/21
Loans to Private Sector 9893.60 9893.60 HUF Billion Sep/21
Deposit Interest Rate 1.15 0.85 percent Nov/21
Cash Reserve Ratio 1.00 1.00 percent Oct/21
Central Bank Balance Sheet 25630.30 23241.90 HUF Billion Sep/21

News Stream
Hungary Hikes Key Interest Rate as Expected
The National Bank of Hungary raised its benchmark base rate by 30 basis points to 2.1 percent on November 16th, the highest since February of 2015, and in line with expectations. It was the sixth rate-hike in a row as the inflation outlook remains tilted to the upside. The consumer price index rose 6.5 percent in October, driven by increases in fuel, industrial goods and food prices. Meanwhile, the monetary authority judges that the Hungarian economy has restarted successfully, as GDP grew by 6.1 percent, 0.7 percent higher than its pre-pandemic level during the third quarter of 2021 and monthly indicators suggest a continuation of the recovery but at a slower pace during the fourth quarter. Looking ahead, the Monetary Council will continue the cycle of interest rate hikes until the outlook for inflation stabilises around the central bank target of 2-4% and inflation risks become evenly balanced.
2021-11-16
Hungary Hikes Key Rates as Expected
The National Bank of Hungary raised its benchmark base rate by 15 basis points to 1.8 percent on October 19th, a level not seen since April of 2015, and in line with expectations. It was the fifth rate hike in a row as the inflation outlook remains surrounded by upside risks. Policymakers expect the tightening cycle to continue until the inflation outlook shows a sustainable convergence to the central bank's 2% to 4% target. The consumer prices index rose 5.5 percent in September, the prices rise was driven by a wide range of products and services. Meanwhile, the monetary authority judges that the Hungarian economy has restarted successfully, as GDP hit its pre-pandemic level during the second quarter of 2021 and monthly indicators suggest a continuation of the strong recovery during the third quarter. The tightening cycle is expected to take effect at the beginning of 2022 helping the convergence of inflation to the 3 percent level during the second half of 2022.
2021-10-19
Hungary Hikes Key Rates Less than Expected
The National Bank of Hungary raised its benchmark base rate by 15 basis points to 1.65 percent on September 21st, a level not seen since May of 2015 and less than market expectations of a 25 bps increase. It was the fourth rate hike in a row as the inflation outlook remains surrounded by upside risks and policymakers see a continuation of the interest rate hikes cycle, but at a slower pace, until the inflation outlook shows a sustainable convergence to the central bank target. The consumer prices index rose 4.9 percent in August, mainly influenced by an increase in inflation of fuel, industrial goods, and unprocessed foods. Looking forward, the central bank expects inflation to rise further and to stay above 5 percent during the remainder of 2021. The tightening cycle is expected to take effect at the beginning of 2022 helping the convergence of inflation to the 3 percent level during the second half of 2022.
2021-09-21

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.