Hungary cbank raises base rate by 100 bp

Hungarian rate-setters raised the central bank's base rate by 100 basis points, to 11.75 percent, at a regular policy meeting on Tuesday. The Monetary Council also decided on Tuesday to raise the O/N deposit rate by 100 basis points to 11.25 percent and the O/N and one-week collateralised loan rates by 100 basis points to 14.25 percent. The O/N deposit rate and the collateralised loan rate mark the bottom and the top, respectively, of the central bank's "interest rate corridor". The decision was in line with expectations.