Ambiguous outcome of Monday policy meeting in focus this week in Hungary (21-25 May)

The NBH will also publish its quarterly Report on Inflation, which is expected to shed light on the bank's viewpoint on the whitening of the economy and its impact on wages.

21 May, Monday

14:00 National Bank of Hungary (NHB) announces rate decision
Forecast: 8.00%; Previous: 8.00%14:00 Quarterly Report on Inflation

14:30 Press conference on the rate decision, headed by NBH Governor András Simor

22 May, Tuesday

08:30 Distribution of securities holdings by sector, April (prelim) - NBH

12:00 Auction of 3-month discount treasury bills - Government Debt Management Agency (ÁKK)
Offered amount: HUF 30 bn
Previous auction - Bids: HUF 125.2 bn; Average yield: 7.68%

12:15 Result of central bank's two-week NBH bond auction

15:00 NBH Club on the key statements of the inflation report

23 May, Wednesday

09:00 Transport performances, Q1 - Central Statistics Office (KSH)

12:00 Buyback auctions (2007/G, 2008/D) - Government Debt Management Agency (ÁKK)

24 May, Thursday

09:00 Retail sales, March - Central Statistics Office (KSH)
Previous: +0.1% yr/yr

12:00 Auction of 3-year bonds - Government Debt Management Agency (ÁKK)
Offered amount: HUF 75 bn
Previous auction - Bids: HUF 166.4 bn; Average yield: 7.03%

25 May, Friday

No key macro release on this day.

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