New 1-day deposit rate in Hungary of 18% results in a 2.5% appreciation of HUF against the EUR
Hungary made an emergency decision to introduce a new instrument in the form of an overnight deposit rate of 18%. The weekly deposit rate remains at 13% for the time being. EURHUF pair fell approx. 2.5% after the decision!
Hungary's central bank decides to take such action after inflation jumped above 20%. The bank points out that the move is aimed at increasing short-term bond yields.
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Source: xStation5
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