MNB Base Rate - Hungary Hungarian Central Bank interest rate

Magyar Nemzeti Bank (MNB)

The central bank of Hungary is called the MNB or Magyar Nemzeti Bank. The main objective of the central bank of Hungary is to achieve and maintain price stability, or a moderate and stable inflation level in line with the EU guidelines and international developments.

View the current and historical Hungarian inflation rates

Other tasks of the MNB are:

• managing the official gold and currency reserves;
• issuing banknotes and coins (forint);
• determining and publishing the official exchange rates;
• improving the stability of the financial system.

MNB Base Rate

When reference is made to the Hungarian interest rate this often refers to the MNB Base Rate. This Base Rate acts as a policy rate (key policy rate) which determines the monetary direction. The monetary council determines the level of the Base Rate. By changing the Base Rate the central bank of Hungary is influencing the interest rates, the exchange rate of the Hungarian forint and the economic direction. These changes are also reflected in the interest rates of commercial bank products like credit or loans, mortgages and savings accounts.