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Hungarian monetary stance seen unchanged today – TDS

FXStreet (Edinburgh) - Strategist at TD Securities Prashant Newnaha expects the Hungarian central bank to keep the benchmark rates unchanged at today’s meeting.

Key Quotes

“In line with unanimous consensus we expect the NBH to keep its key policy rate on hold after the July MPC meeting cut its policy rate to 1.35%”.

“At that meeting, they announced that rates would be held at this level for some considerable time”.

“Although August CPI inflation was weaker than expected, mainly as a result of falling commodity prices, we do not think that this sway the NBH”.

“From Sep 23 the policy rate will become the 3-month deposit rather than the current two-week deposit. This change was announced in June to further encourage local banks to buy government debt. This extension of maturity represents a small implicit easing in policy”.

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