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Hungary central bank raises base rate by 100 bps to 11.75% as expected

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Hungary central bank raises base rate by 100 bps to 11.75% as expected By Reuters

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Economy 9 minutes ago (Aug 30, 2022 13:21)

© Reuters. 20,000 Forint notes are seen in a photo illustration shot February 6, 2014. REUTERS/Bernadett Szabo/Illustration

BUDAPEST (Reuters) – Hungary’s central bank raised its base interest rate by 100 basis points to 11.75% on Tuesday to fight inflation which is seen peaking near 20% later this year, with upside inflation risks still on the rise.

Tuesday’s decision was in line with the median forecast of 11 economists in a Reuters poll last week.

The bank also raised its overnight deposit rate by 100 bps to 11.25%.

Hungary central bank raises base rate by 100 bps to 11.75% as expected

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