The Monetary Council of the Magyar Nemzeti Bank has tightened monetary conditions again. Although the interest rate was increased less than expected, by 15 base points, the decision was taken to phase out the swap facility for HUF liquidity and to further reduce the extent of the treasury security purchase programme.

On 24 September, Moody’s upgraded Hungary; the Hungarian sovereign debt rating is, therefore, at same level at all the three major credit rating agencies.

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