MNB keeps base rate at 6.5% – growth outlook worsens

The central bank emphasized that monetary policy will remain patient and cautious in the coming quarters. Inflation was 4.3% in August and is expected to average 4.6% in 2025, while it will not reach a sustained level below 3% until 2027 at the earliest. In parallel, the 2025 GDP growth forecast was revised from 0.8% to 0.6%, which indicates persistent demand risks and limited momentum in the economic recovery.

Akcenta commentary:
– The decision of the Magyar Nemzeti Bank to keep the base rate at 6.5% reinforces the cautious monetary policy. Despite the stable interest rate level, the forint-euro exchange rate remains sensitive, while the reduced GDP forecast indicates persistent uncertainty. For companies engaged in foreign trade, this makes it even more necessary to actively manage exchange rate risk and use tools that help protect margins and ensure transaction stability, said Jacek Jurczynski, CEO of Akcenta CZ.