Hungary Interest Rate

Last Release

Oct 22, 2024

Actual

6.5

Units In

6.5

Frequency

Daily

Next Release

Nov 19, 2024

Time to Release

26 Days 12 Hours

Highest	Lowest	Average	Date Range	Source
28 Jan 1995	0.6 Jul 2020	10.74 %	1987-2024	National Bank of Hungary

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.

Latest Updates

Hungary's central bank kept its base rate unchanged at 6.5% during its October 2024 meeting, in line with expectations, following a 25 basis points cut in the previous month. Additionally, the rates on collateralized loans and overnight deposits were also unchanged at 7.5% and 5.5%, respectively. In September, Hungary's headline inflation dropped to 3%, the lowest in more than three and a half years, down from 3.4% in August, while core inflation edged higher to 4.8% from 4.6%. Deputy Governor Barnabas Virag recently signaled a more cautious stance, suggesting the rate could remain unchanged for an extended period due to geopolitical risks and shifting U.S. rate expectations.