Hungarian Conservative

The Fed is not cutting the federal interest rate, and is keeping it at 5.5 per cent, the highest it has been since the early 2000s. Meanwhile in Hungary, the National Bank cut interest rates on 31 January.

The director of the National Bank of Hungary (MNB) András Balatoni explained that the strict monetary policy, decreasing global commodity prices compared to last year, restrained consumption, and market-boosting measures by the government are increasingly exerting a disinflationary effect.

It is important that consumers who become victims of fraud receive assistance promptly, she said, stressing that if someone falls prey to a scam they should report the incident immediately, so that the circumstances can be investigated as soon as possible.

On the occasion of the 300th anniversary of the enactment of the legislation that laid the foundation for the operation of the national archives, the bank is issuing a silver commemorative coin with a face value of 15,000 forints and a coloured metal version with a face value of 3,000 forints.

According to the National Bank’s forecast, slow disinflation is expected in March, followed by a strong disinflationary trend, with a good chance of reaching single-digit inflation by the end of the year.

According to the National Bank of Hungary, the ratio of gross government debt to GDP improved significantly last year.