Banks › Magyar Nemzeti Bank › History › 22 Sept 2026
Magyar Nemzeti Bank: decision of 22 September 2026
The Monetary Council left the base rate unchanged at 5.50%.
Decision
hold
- Rate
- 5.50%=5.50%
- Change
- 0 bp
- Vote
- 11–0
- Announced
Sources
- Statement
- mnb.hu/en/monetary-policy/the-moneta…
- Minutes
- mnb.hu/en/monetary-policy/the-moneta…
- Inflation Report (September 2026)
- mnb.hu/en/publications/reports/infla…
- Recorded
- 22 Sept 2026
- Data
- JSON
What the bank said
The Council said inflation was 1.3% in August, below expectations, but its September projection raised 2027 inflation to 3.1% because of higher energy prices and a change to the excise duty on tobacco.
It said high energy prices and an uncertain global economic and financial environment warranted a careful approach even though inflation was below target, and judged that keeping current rate conditions was necessary.
The MNB announced that its inflation target will be 2.5% from 1 January 2028.
Guidance. The Council said it would decide on the base rate in a cautious and data-driven manner, assessing the inflation outlook, global developments and Hungary’s risk premium.
Before and after
- Previous decision: 25 Aug 2026, cut the central bank base rate by 25 bp to 5.50%.
- Next scheduled meeting: (calendar).
- All Magyar Nemzeti Bank decisions and the rate history