The central bank of Hungary maintained its base rate unchanged at 6.5% for the third straight decision in its December 2024 meeting, as expected by markets, to maintain its pause from a series of rate cuts since last year. Rates for collateralized loans and overnight deposits also remained unchanged at 7.5% and 5.5%, respectively. The central bank noted that the latest data showed that domestic industrial activity has slowed, driving the Hungarian GDP to contract annually in the third quarter. Still, the bank also noted that inflation picked up in the fourth quarter and is due to increase past its tolerance band in early 2025 before starting the disinflation process. The Monetary Council deemed that the current interest rates remain appropriate to slow inflation while preventing growth from falling into further pressure. source: National Bank of Hungary

The benchmark interest rate in Hungary was last recorded at 6.50 percent. Interest Rate in Hungary averaged 10.68 percent from 1987 until 2024, reaching an all time high of 28.00 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 Base Rate - data, historical chart, forecasts and calendar of releases - was last updated on January of 2025.

The benchmark interest rate in Hungary was last recorded at 6.50 percent. Interest Rate in Hungary is expected to be 6.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations.




Calendar GMT Reference Actual Previous Consensus TEForecast
2024-10-22 12:00 PM
Interest Rate Decision
6.5% 6.5% 6.5% 6.5%
2024-11-19 01:00 PM
Interest Rate Decision
6.5% 6.5% 6.5% 6.5%
2024-12-17 01:00 PM
Interest Rate Decision
6.5% 6.5% 6.5% 6.5%


Related Last Previous Unit Reference
Cash Reserve Ratio 10.00 10.00 percent Nov 2024
Central Bank Balance Sheet 29996.89 29983.92 HUF Billion Nov 2024
Deposit Interest Rate 5.50 5.50 percent Dec 2024
Foreign Exchange Reserves 46328.90 46462.50 EUR Million Nov 2024
Interbank Rate 6.50 6.50 percent Jan 2025
Interest Rate 6.50 6.50 percent Dec 2024
Interest Rate 6.50 6.50 percent Dec 2024
Loans to Private Sector 13231.70 13031.80 HUF Billion Nov 2024
Money Supply M0 18336.40 17654.10 HUF Billion Nov 2024
Money Supply M1 32857.50 32485.60 HUF Billion Nov 2024
Money Supply M2 43080.50 42616.80 HUF Billion Nov 2024
Money Supply M3 45307.50 44963.60 HUF Billion Nov 2024

Hungary Base 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 base rate.
Actual Previous Highest Lowest Dates Unit Frequency
6.50 6.50 28.00 0.60 1987 - 2024 percent Daily
NSA


News Stream
Hungary Holds Rate Unchanged as Expected
The central bank of Hungary maintained its base rate unchanged at 6.5% for the third straight decision in its December 2024 meeting, as expected by markets, to maintain its pause from a series of rate cuts since last year. Rates for collateralized loans and overnight deposits also remained unchanged at 7.5% and 5.5%, respectively. The central bank noted that the latest data showed that domestic industrial activity has slowed, driving the Hungarian GDP to contract annually in the third quarter. Still, the bank also noted that inflation picked up in the fourth quarter and is due to increase past its tolerance band in early 2025 before starting the disinflation process. The Monetary Council deemed that the current interest rates remain appropriate to slow inflation while preventing growth from falling into further pressure.
2024-12-17
Hungary Holds Base Rate Steady for Second Month
Hungary’s central bank held its base rate steady at 6.5% in November 2024 for the second straight month as expected. Rates for collateralized loans and overnight deposits also remained unchanged at 7.5% and 5.5%, respectively. In October, Hungary's annual headline inflation rose to 3.2% from 3% in September, while core inflation eased to 4.5% from 4.8%. The central bank’s decision aimed to stabilize the forint, which saw sharp declines following Donald Trump's election win, triggering notable currency losses in emerging markets. The forint has dropped about 2.5% against the euro since October, nearing a two-year low, making it the weakest among European emerging-market currencies. Deputy Governor Barnabas Virag indicated last month that rates could remain unchanged for an extended period.
2024-11-19
Hungary Keeps Base Rate Unchanged as Expected
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.
2024-10-22