Banks › Magyar Nemzeti Bank › History › 23 Jun 2026
Magyar Nemzeti Bank: decision of 23 June 2026
The Monetary Council cut the base rate by 25 basis points to 6.00%.
Decision
cut
- Rate
- 6.25%↓6.00%
- Change
- −25 bp
- Vote
- 10–1
- Announced
Sources
- Statement
- mnb.hu/en/monetary-policy/the-moneta…
- Minutes
- mnb.hu/en/monetary-policy/the-moneta…
- Inflation Report (June 2026)
- mnb.hu/en/publications/reports/infla…
- Recorded
- 23 Jun 2026
- Data
- JSON
What the bank said
The Council said inflation fell to 1.8% and core inflation to 2.0% in May, and that the June forecast shifted the inflation path significantly lower, to an average of 1.8% in 2026 and 2.3% in 2027.
It said easing tensions after the US–Iran agreement and a persistently lower risk premium, helped by the government’s agreement with the European Commission on EU funds, significantly increased its room for manoeuvre.
The Council said the euro-sale instrument for energy import coverage had helped keep the foreign exchange market stable in the first weeks of the conflict and would remain available until 30 June 2026.
Guidance. The Council said that if favourable developments persist it sees room for further cuts throughout the summer, while keeping real rates positive, with continuation to be decided on the basis of the September Inflation Report.
Dissent
One member, Zoltán Kovács, voted for a 50 basis point cut to 5.75%.
Before and after
- Previous decision: 26 May 2026, held the central bank base rate at 6.25%.
- Next decision: 21 Jul 2026, cut the central bank base rate by 25 bp to 5.75%.
- All Magyar Nemzeti Bank decisions and the rate history