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NBH LEAVES BASE RATE ON HOLD

 

Rate-setters of the National Bank of Hungary left the base rate unchanged at 0.90% percent and the central bank O/N deposit rate at -0.05% at a regular meeting on Tuesday. At a meeting three weeks earlier, the central bank’s policy makers unveiled a package of measures to mitigate the impact of the coronavirus pandemic on the economy and establish the conditions for a jump-start. The measures included 1,500 billion forints (EUR 422.2m) in financing for cheap loans for businesses and a programme to buy government securities on the secondary market. The Monetary Council also decided at the meeting on April 7 to raise the rates for the central bank’s O/N and one-week collateralised loans by 95bp to 1.85%. Those rates were also kept on hold at the meeting on Tuesday.