Magyar Nemzeti Bank: decision of 25 August 2026

The Monetary Council cut the base rate by 25 basis points to 5.50%.

Decision

cut

The Council said inflation eased to 1.2% in July, below expectations and the June Inflation Report projection, with core inflation at 1.9%.

It said inflation running below the June baseline and a stable risk premium on Hungarian assets preserved its room for manoeuvre.

The MNB said inflation would stay below its 3% target for the rest of 2026 and through 2027 before returning to target in the first half of 2028.

Guidance. The Council said it would decide on the future path of the base rate on the basis of the September Inflation Report.

Summarised by Macro Index from mnb.hu/en/monetary-policy/the-moneta… on 10 Oct 2026. The bank's own statement is the authority; this page paraphrases it.

Previous decision: 21 Jul 2026, cut the central bank base rate by 25 bp to 5.75%.
Next decision: 22 Sept 2026, held the central bank base rate at 5.50%.
All Magyar Nemzeti Bank decisions and the rate history

Macro Index records decisions as each central bank publishes them and makes no forecasts. Spotted an error? Report it.