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Paul Fage, Senior Emerging Markets Strategist at TDS, notes that for the time being the NBH is maintaining its loose monetary policy, but for the first time, signalled that this will not go on indefinitely.

Key Quotes

“It said, that “the current loose monetary conditions can no longer prevail up to the end of the 5 to 8-quarter horizon of monetary policy”.

“We still see the main moves higher in HUF rates starting early next year. We see 3m BUBOR reaching about 115bps by the end of 2019.”