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Banking

Reuters poll: MC to keep rates on hold on Dec 18.

Reuters poll: MC to keep rates on hold on Dec 18. The Monetary Council (MC) will keep the base rate on hold at the next rate-setting meeting on Dec 18, according to the unanimous forecast of 17 analysts polled by Reuters . The survey was carried between Dec 11 and Dec 13 and the outturn should not be surprising against the background of 9.5-month high of the HUF against the EUR as well as November’s inflation figure being in line with the expectations. The consensus forecast also suggests that the central bank will not alter rates at the January rate sitting also. Narrow majority of the respondents expect that the MC would embark on monetary easing cycle as of H2/2007, while some analysts deem that the cuts could be launched still in the first months of the next year, given that capital inflows remain strong. The median forecast put annual average inflation at 6.6% in 2007, including a peak at some 8% in the first months, at 3.8% in 2008 and 3.1% in 2009.

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