MNB保持政策紧张 – 商店

匈牙利国家银行（MNB）昨天将其政策利率保持在6.50％的状态，并在储备要求率（RRR）中缩短了2pp，从10％降至8％。我们认为政策立场在很大程度上没有变化 – 欧元/HUF汇率也反映在决定后，Commerzbank的FX分析师Tatha Ghose指出。

MNB的谨慎消息有助于支持forint

“州长米哈利·瓦尔加（Mihaly Varga）从MPC声明中重复说，RRR削减是一种技术调整，以抵消由于流行时期的贷款计划到期的导致过量流动性降低的技术调整 – 因此，并不代表政策缓解政策。”

“As widely anticipated, governor Mihaly Varga reiterated that his policy message remains unchanged – that a “careful and patient” approach is necessary amid lingering inflation risks and geopolitical uncertainty. The decision reinforced the MNB's commitment to positive real rates for the coming medium-term – a policy message which has become increasingly credible as we have observed MNB dismissing near-term inflation improvements and take the conservative view that the fight against inflation has not赢了。”

在新闻发布会上，瓦尔加（Varga）对通货膨胀的预期产生了鹰派的态度，警告它们与价格稳定性保持不一致；他将CPI数据的最新改进归功于政府施加的价格控制（这可能使头条通胀衰减1.5pp）。正如我们在昨天的预览中所写的那样，MNB的谨慎消息对FX Market and the The This Ppin都喜欢，这对此有帮助。