When could Hungary's central bank first cut interest rates?

Portfolio is organising the Budapest Economic Forum, the highlight of the autumn conference season, for the fifteenth time. As usual, on 7 October, the most important representatives of Hungarian economic and business life will meet at the Marriott Hotel to discuss current challenges and possible solutions.

Regular attendees of the conference are familiar with our commitment to inviting the most prominent local economic policymakers each year to share their insights and plans for the upcoming months. The opening speech by Márton Nagy, the Economy Minister, may be of particular interest on behalf of the government.

Nagy Márton

Government of Hungary, Minister for National Economy of Hungary

Márton Nagy is the Minister for National Economy of Hungary since the 1st of January 2024. He previously served as the Minister for Economic Development from May 2022. Prior to that, he held the posit

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Márton Nagy is the Minister for National Economy of Hungary since the 1st of January 2024. He previously served as the Minister for Economic Development from May 2022. Prior to that, he held the posit… Tovább

Another branch of economic policy is monetary policy, which does not appear to be undergoing any major changes at present, given that the interest rate has remained at 6.5% for the past year. Nevertheless, the outlook is important because it is precisely this interest rate that is currently stabilising and strengthening the forint. Consequently, the question arises from time to time as to

when the National Bank of Hungary (MNB) will follow developed central banks and its regional counterparts in cutting interest rates.

Ádám Banai, Executive Director of the MNB responsible for monetary policy, financial stability and central bank instruments, will discuss current monetary policy issues in the afternoon programme.

Banai Ádám PhD, MRICS

Magyar Nemzeti Bank, Executive director for monetary policy instruments, financial stability and foreign reserve management

Ádám Banai has received his MSc from Corvinus University of Budapest. He holds a PhD in Finance from Corvinus University of Budapest. He joined the Financial Stability department of the Magyar Nemzeti

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Ádám Banai has received his MSc from Corvinus University of Budapest. He holds a PhD in Finance from Corvinus University of Budapest. He joined the Financial Stability department of the Magyar Nemzeti… Tovább

The central bank will also participate in the final panel discussion of the day. Zoltán Kurali, the Deputy Governor responsible for monetary policy, financial stability, and foreign exchange reserve management, will be discussing current issues in the Hungarian economy with the invited economists.

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