The National Bank of Hungary (NBH) left the rate for its one-week deposit facility unchanged at 6.15pc ahead of a tender on Thursday.

A week earlier, the one-week deposit rate was raised by 30bp, days after NBH policy makers raised the central bank’s base rate by 100bp to 4.40pc at a monthly policy meeting.

After the monthly policy meeting, the NBH’S Monetary Council said the base rate will „gradually catch up” to the level of the central bank’s one-week deposit facility „in the coming months”, adding that the NBH „continues to stand ready to respond quickly and flexibly by setting the interest rate on the one-week deposit instrument if warranted by short-term risks in financial and commodity markets”.

At a press conference after the meeting, NBH deputy-governor Barnabas Virag said the timing for the convergence of the base rate and the one-week deposit rate would be „determined by the development of outlooks and risks”.