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Magyar Nemzeti Bank: decision of 27 January 2026
The Magyar Nemzeti Bank's Monetary Council left the central bank base rate unchanged at 6.50%.
Decision
hold
- Rate
- 6.50%=6.50%
- Change
- 0 bp
- Vote
- unanimous
- Announced
Sources
- Statement
- mnb.hu/en/monetary-policy/the-moneta…
- Minutes
- mnb.hu/en/monetary-policy/the-moneta…
- Recorded
- 27 Jan 2026
- Data
- JSON
What the bank said
The Council said inflation fell to 3.3% and core inflation to 3.8% in December 2025, but that corporate repricings at the start of the year made the inflation outlook uncertain.
It said the MNB projected inflation to dip briefly below the 3% target in early 2026 and then rise temporarily close to the upper bound of the tolerance band, reaching the target sustainably in the second half of 2027.
The Council judged that maintaining tight monetary conditions with positive real interest rates was warranted, and said stability of the foreign exchange market was key to lowering inflation expectations.
Guidance. The Council said it would decide on the base rate cautiously and in a data-driven manner from meeting to meeting, watching start-of-year repricings and financial market stability.
Before and after
- Previous decision: 16 Dec 2025, held the central bank base rate at 6.50%.
- Next decision: 24 Feb 2026, cut the central bank base rate by 25 bp to 6.25%.
- All Magyar Nemzeti Bank decisions and the rate history