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Member of the rate-setting Monetary Council of the National Bank of Hungary Gyula Pleschinger speaks during an interview with Reuters in Budapest, Hungary, September 14, 2023. REUTERS/Krisztina Than Acquire Licensing RightsBUDAPEST, Sept 14 (Reuters) - Hungary's central bank could cut its base rate to 10-11% by the end of the year from 13%, a rate-setter told Reuters, warning however against big or unexpected moves amid the fallout from a larger-than-expected rate cut in Poland last week. Once that alignment takes place, the NBH will simplify its policy toolkit further, which could include making the interest rate corridor around its base rate symmetrical, he said. "From that point onwards, we will take all of our steps in a very serious, data-driven mode, looking at the market, tracking the market," Pleschinger said. Asked about the fallout from the National Bank of Poland's much-larger-than-expected 75 bps interest rate cut last week that saw regional currencies weaken, Pleschinger said Hungary's central bank should tread carefully.

Persons: National Bank of Hungary Gyula Pleschinger, Gyula Pleschinger, unwinding, Pleschinger, Disinflation, Gergely Szakacs, Hugh Lawson Organizations: National Bank of Hungary, Reuters, REUTERS, Rights, European, National Bank of, Thomson Locations: Budapest, Hungary, Poland, National Bank of Poland's

WARSAW/PRAGUE, July 6 (Reuters) - Central European currencies are expected to weaken over the next 12 months with the Polish zloty taking the biggest hit, a Reuters poll showed, as higher inflation compared to the euro zone and the prospect of interest rate cuts weigh. But with Hungary's central bank having already started to loosen policy and more rate cuts predicted in the region this year, analysts expect currencies to fall. The forint is expected to fall 1.3% to 380.0 against the euro, according to the poll. "Although consumer prices in Romania are largely sensitive to the exchange rate, it could soon allow the central bank to let leu depreciate slightly." The Czech crown is forecast to weaken the least of the region's currencies, falling 0.1% to 23.775.

Persons: Marcin Sulewski, HUF, Peter Virovacz, Jakub Kratky, leu, Jason Hovet, Alan Charlish, Sunil, Veronica Khongwir, Sarupya Ganguly, Conor Humphries Organizations: National Bank of Hungary, European Union, ING, Thomson Locations: WARSAW, PRAGUE, Poland, Romanian, Romania, Prague, Warsaw

☆ ECB says Hungary government decree has impaired central bank independence
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

BUDAPEST, April 26 (Reuters) - Hungary's government has infringed the National Bank of Hungary's (NBH) independence with a decree restricting access to the bank's discount bill and by extending a cap on large commercial bank deposits until end-June, the European Central Bank said on Wednesday. Hungary's government last month extended a cap on large commercial bank deposits until the end of June and imposed restrictions on the transfer of central bank discount bills to curb "unjust" income earned on central bank facilities. "The decree, including the interest rate cap, interferes with the independence of the (NBH), since it impedes the (NBH) from independently choosing the necessary means and instruments to conduct an efficient monetary policy," the ECB said. "Therefore, the decree infringes the independence of the (NBH) under Article 130 of the Treaty." Prime Minister Viktor Orban's government announced a cap on large commercial bank deposits after the NBH launched a quick deposit facility with an 18% interest rate last October to stem falls in the forint.

☆ Central Europe's policymakers double down on hawkish message
▼ + stars: | 2023-04-07 | by ( Jan Lopatka | ) www.reuters.com time to read: +5 min

As central Europe's central banks were faster than their major peers to hike rates, they had also been expected to lead the way in easing. That message was underlined on Thursday when February data showed industrial wage growth in the double digits. "We do not expect a rate hike," it said after the Czech policy meeting last week. CEE inflation pushing past a peakThe Polish central bank also struck somewhat hawkish tones at its news conference on Thursday after holding rates steady. Romania's central bank left rates unchanged on Tuesday and said inflation may come down faster than previously thought.

☆ Hungary central bank chief sees 15%-18% inflation in 2023, urges end to price caps
▼ + stars: | 2022-12-05 | by ( Krisztina Than | ) www.reuters.com time to read: +2 min

BUDAPEST, Dec 5 (Reuters) - Hungary's inflation could be between 15% and 18% next year, the National Bank of Hungary's governor said on Monday, sharply criticising the government's price caps imposed on fuels, basic foodstuffs and mortgages. He said the price caps had prompted retailers to raise the prices of other, non-capped-price products, adding 3% to 4% to inflation. "We have said this to the government several times," Matolcsy said referring to ending the price control measures. November consumer price data are due on Thursday, with a Reuters poll of analysts seeing annual inflation at 22.2%. Matolcsy said inflation was the "number one enemy", adding that the NBH would fight it with all possible means.

☆ Hungary cenbank leaves base rate steady at 13%, as expected
▼ + stars: | 2022-11-22 | by ( Gergely Szakacs | ) www.reuters.com time to read: +2 min

SummarySummary Companies Base rate remains at 13%, quick deposit at 18%Follows government move to cap bank deposit ratesOne might ask what representative rate is in Hungary -analystBUDAPEST, Nov 22 (Reuters) - The National Bank of Hungary (NBH) left its base rate unchanged at 13% (HUINT=ECI) on Tuesday, as expected, with inflation on track to scale a 26-year-high in 2023 and exceeding the bank's 2% to 4% policy target range even a year later. read moreAt 1301 GMT, the forint was trading at 408 per euro, unchanged from levels before the announcement. Economists at brokerage Erste Investment said Monday's government move could channel funds from institutional investors and wealthy private clients towards government bonds. "The measure can be slightly positive for OTP (OTPB.BU), however this step impairs the monetary transmission of the central bank," the analysts said. Reporting by Gergely Szakacs and Krisztina Than; Editing by Nick MacfieOur Standards: The Thomson Reuters Trust Principles.

"We need all channels of monetary transmission, and especially the exchange rate channel, to curb inflation," Deputy Governor Barnabas Virag told an online briefing. On Monday, however, the government capped deposit rates for certain large institutional and private investors at the three-month Treasury bill yield until March, which some analysts said would harm the efficiency of monetary transmission. read moreWhen asked about the government's move, Virag said there was no alternative to curbing inflation and the bank needed all channels of monetary transmission for that. Economists project Hungary's average inflation will rise to 16% next year from 14.3% expected in 2022, while economic growth is seen grinding to a halt. "The measure can be slightly positive for OTP (OTPB.BU), however this step impairs the monetary transmission of the central bank," the analysts said.

☆ Hungary plans to change central bank law to ease budget burden -finance ministry
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: +1 min

BUDAPEST, Nov 6 (Reuters) - Hungary's government will have five years instead of the current eight days to reimburse the National Bank of Hungary (NBH) in case the bank posts a loss on its operations, according to a bill published by the Ministry of Finance late on Friday. The goal of the proposed changes is to "ensure the central bank has adequate capital while lowering risks to the budget at the same time," the Finance Ministry said in the legislation. If the National Bank of Hungary makes a profit then it will pay 50% of that to the government as dividend, it added. The central bank did not immediately reply to questions from Reuters on the proposed changes. The Ministry of Finance said last month that Prime Minister Viktor Orban's government lifted the 2022 deficit target to 6.1% of economic output from 4.9%.

☆ Analysis: Weak forint rains on Hungary's 'no more hikes' parade
▼ + stars: | 2022-10-12 | by ( Krisztina Than | ) www.reuters.com time to read: +5 min

A board at a currency exchange office displays the Euro to Hungarian Forint exchange rate, in Budapest, Hungary, October 12, 2022. From October 1, the central bank raised banks' required reserve ratio, launched a new deposit tool and discount bond auctions. JP Morgan however, doubted it would help the forint much without further outright rate hikes. "Of course we are trying to contribute to a stable currency with disciplined fiscal policy," he added. "Our tools are limited, this is the world of monetary policy, it is there where the central bank needs to take appropriate measures if it wants to do so."

A view of the entrance to the National Bank of Hungary building in Budapest,Hungary February 9, 2016. Central European policymakers are seeking to end a cycle of interest rate hikes running since last year even as inflationary pressures remain and the world's major central banks keep pursuing higher rates. "It is likely the end of the rate hike cycle," Peter Virovacz, an analyst at ING in Budapest said. "The question is whether this is a halt – or a just a pause in rate hikes, leaving the door open to potential further tightening." Economists polled by Reuters last week forecast the base rate rising to 14% by the end of this year.

☆ Hungary central bank could end rate rise cycle after September -deputy governor Virag
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +2 min

A view of the entrance to the National Bank of Hungary building in Budapest,Hungary February 9, 2016. REUTERS/Laszlo BaloghSZEGED, Hungary, Sept 22 (Reuters) - Hungary's central bank could consider ending its more than one-year-long cycle of interest rate rises after next Tuesday's meeting when rates will increase again, Deputy Governor Barnabas Virag told reporters on Thursday. Central Europe's rate setters were the quickest last year to begin raising rates and accelerated the pace this year as inflation surged, but some are starting to slow, or possibly end, tightening cycles. The National Bank of Hungary (NBH) raised its base rate by 100 basis points to 11.75% last month, but Virag has since raised the prospect of a halt to the bank's rate rise cycle, which totals more than 1,100 basis points since June 2021. Register now for FREE unlimited access to Reuters.com Register"We need to assess ending (the cycle) each month," Virag told reporters on the sidelines of an economics conference.

☆ Ungaria şi-a repatriat rezerva de aur
▼ + stars: | 2020-12-22 | by ( Publika.Md - Aici Sunt Știrile | ) www.publika.md time to read: +1 min

Banca Naţională a Ungariei (NBH) a anunţat marţi că a finalizat repatrierea, de la Londra la Budapesta, a rezervei de aur a Ungariei, informează Agerpres, care citează MTI. În opinia Băncii Naţionale a Ungariei, păstrarea rezervei de aur în interiorul ţării poate consolida şi mai mult încrederea pieţelor financiare în Ungaria. În cazul României, rezervele valutare ale Băncii Naţionale a României (BNR) au crescut cu 4,7%, la 35,073 miliarde de euro, în februarie comparativ cu nivelul de la finalul lunii ianuarie. Rezerva de aur s-a menţinut la 103,7 tone, iar în condiţiile evoluţiilor preţurilor internaţionale valoarea acesteia s-a situat la 3,6 miliarde de euro. Mai mult de jumătate din rezerva de aur a Băncii Naţionale a României este depozitată în afara graniţelor ţării, în principal la Londra.

Persons: NBH Organizations: Banca Naţională a Ungariei, României, BNR Locations: Londra, Budapesta, Ungariei, Agerpres, Ungaria, Europa, Olanda, Germania, Austria, României

În opinia Băncii Naţionale a Ungariei, păstrarea rezervei de aur în interiorul ţării poate consolida şi mai mult încrederea pieţelor financiare în Ungaria. În cazul României, rezervele valutare ale Băncii Naţionale a României (BNR) au crescut cu 4,7%, la 35,073 miliarde de euro, în februarie comparativ cu nivelul de la finalul lunii ianuarie. Rezerva de aur s-a menţinut la 103,7 tone, iar în condiţiile evoluţiilor preţurilor internaţionale valoarea acesteia s-a situat la 3,6 miliarde de euro. Totodată, rezervele internaţionale ale României (valute plus aur), la 28 februarie 2018, au fost de 38,673 miliarde de euro, faţă de 37,095 miliarde de euro, la 31 ianuarie 2018. Mai mult de jumătate din rezerva de aur a Băncii Naţionale a României este depozitată în afara graniţelor ţării, în principal la Londra.

Persons: NBH Organizations: României, BNR Locations: Ungariei, Ungaria, Europa, Olanda, Germania, Austria, României, Londra

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