Magyar Nemzeti Bank

The Magyar Nemzeti Bank's Monetary Council held its policy rates steady on 22 September 2026, maintaining the current interest rate structure amid moderate inflation of 1.3% and solid economic growth of 1.7% in Q2 2026. The decision reflects confidence in the inflation trajectory while acknowledging global headwinds from geopolitical risks and elevated energy prices that are expected to push inflation to 3.1% in 2027.

• Central bank interest rates held unchanged; inflation at 1.3% in August remains below expectations with core inflation at 2%, supporting a pause in policy tightening
• Hungary's economic growth projected at 1.8% for 2026 and accelerating to 2.9% in 2027, supported by strong industrial exports and low unemployment despite agricultural headwinds
• Inflation expected to rise to 3.1% in 2027 due to higher energy prices and tobacco excise duty modifications, with household and business inflation expectations declining
• Global central banks (ECB, Fed, BoJ) all raised rates by 25bp in September with further increases expected, while regional peers (Czech and Polish central banks) held steady

Economic Indicators

Recent Statements