Hungary makes shock 185bp rate increase

Central Bank of Hungary

The Central Bank of Hungary

The Central Bank of Hungary surprised markets on June 28 with its largest rate rise in 14 years. The 185 basis point increase brought the base rate to 7.75%, its highest figure since 2009.

The increase was well above market expectations – a  Bloomberg survey of economists returned a median prediction of a 50bp increase.

In its press statement, the central bank’s nine-member monetary council listed several, mainly external, factors for its decision. These included a worsening international

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