Magyar Nemzeti Bank Monetary Council Maintains Key Interest Rates Amid Global Inflationary Pressures

The Monetary Council of the Magyar Nemzeti Bank (MNB) held its central bank base rate at 5.50%, the O/N central bank deposit rate at 4.50%, and the O/N collateralised loan rate at 6.50%, effective October 21, 2026. The MNB's primary objective remains price stability, while also preserving financial stability and supporting government economic and environmental sustainability policies. The press release noted that inflation rates in the euro area and the United States considerably exceed central bank targets, and global oil and gas prices are high due to geopolitical tensions, impacting the global inflation outlook. Long-term yields have increased further, and the US dollar has strengthened. Markets anticipate potential further policy rate increases by the European Central Bank, the Federal Reserve, and the Bank of Japan following September hikes.