The Monetary Council of the Magyar Nemzeti Bank (MNB) kept all policy settings unchanged on 28 April 2026, leaving the base rate at 6.25 %, the overnight deposit rate at 5.25 % (base minus 100 bp) and the overnight collateralised loan rate at 7.25 % (base plus 100 bp), effective 29 April. Following a 25 bp cut in February, the Council has now held rates steady for two consecutive meetings. The unchanged ±100 bp interest-rate corridor around the base rate will continue to guide interbank conditions. In its March assessment, the MNB reported that headline inflation fell to 1.4 % in February and core inflation to 2.1 %, alongside 0.8 % y/y GDP growth in 2025 Q4 and a forecast for 1.7 % growth in 2026, driven mainly by household consumption. The same assessment projected the current-account surplus to reach about 1 % of GDP by the end of the forecast horizon and warned that elevated energy prices linked to heightened geopolitical tensions were amplifying global inflation risks. The Council reiterated its commitment to maintain a positive real policy rate, preserve tight monetary conditions and base future decisions on incoming macroeconomic data and financial-market developments to secure a sustainable return of inflation to the 3 % target.
National Bank of Hungary 2026-04-28
MNB keeps base rate at 6.25 %, leaves all policy rates unchanged
Magyar Nemzeti Bank’s Monetary Council left monetary policy unchanged, holding the base rate at 6.25 %, the overnight deposit rate at 5.25 % and the collateralised loan rate at 7.25 %, preserving the ±100 bp corridor after February’s 25 bp cut. It reaffirmed a positive real rate stance and data-dependent tightening to secure a durable return of inflation to the 3 % target.