Industrial production was better than expected in November, with output up by 2.6% on a raw basis and 2.1% on a working-day adjusted basis, compared with the same period a year earlier. Compared to October, production increased by 2.9%. The better-than-expected figure may have been due to the fact that the decline in vehicle production was smaller than in preceding months.

At its interest rate meeting in January, the Monetary Council of MNB raised its base interest rate by 50 basis points; the base interest rate is, therefore, 2.9%. The Monetary Council of the central bank raised the interest rate corridor by 50 basis points, bringing the overnight deposit interest rate to 2.9% and the lending rate to 4.9%. The central bank decides on the interest rate for the one-week deposit facility on a weekly basis, which is currently set at 4.0%, 110 basis points above the base rate. The MNB has increased the effective interest rate by 325 basis points since the start of the rate hike cycle. The asymmetric interest rate corridor defines the overnight (O/N) interest rates on the interbank market.

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