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Market Update: Hungary Leaves Key Rate Unchanged at 0.6% in May
The National Bank of Hungary held its benchmark base rate unchanged at 0.6 percent and the overnight deposit rate at -0.05 percent on May 25th, on what could be the last meeting before a likely interest rate hike in June. Earlier in the month, the central banks Deputy Governor said that monetary policy would enter a new phase from June, when the economy is expected to fully reopen, adding that the bank would adjust short-term rates proactively to tackle inflationary risks. Consumer prices in April jumped 5.1 percent year-on-year, above the central banks target range between 2 and 4 percent, mainly driven by a surge in transport prices. Meanwhile, the economy advanced 1.9 percent on quarter in the first three months of 2021, signalling a faster recovery. source: National Bank of Hungary [/s2If]
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