HUNGARY: MNI NBH Review — September 2026
We have updated our review to include sell-side views. Download the full report here: * The National Bank of Hungary kept the base rate unchanged at 5.50%, with the more significant development being the formal adoption of a lower inflation target. * Policymakers retained a cautious, data-dependent stance, reiterating their commitment to "ensuring positive real interest rates" and "maintaining the stability of financial markets". * The upward revision to the 2027 CPI forecast provided the main hawkish element of this month's meeting.
We have updated our review to include sell-side views. 50%, with the more significant development being the formal adoption of a lower inflation target. * Policymakers retained a cautious, data-dependent stance, reiterating their commitment to "ensuring positive real interest rates" and "maintaining the stability of financial markets". * The upward revision to the 2027 CPI forecast provided the main hawkish element of this month's meeting.