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(Updates with cenbank comments, forint reaction)
By Anita Komuves
BUDAPEST, June 22 (Reuters) - The Hungarian forint jumped
and bond yields retreated on Tuesday after the central bank
raised its base rate and said it will hike the one-week deposit
rate as well, clearing up uncertainty around its policy.
The National Bank of Hungary raised its base rate by 30
basis points to 0.9%, slightly exceeding forecasts, becoming the
first in the European Union to tighten policy as the economy
recovers from the pandemic.
The forint jumped to 351.85 per euro, gaining 0.61% on the
day, and government bond yields retreated after the central bank
said it would bring its crisis instrument, the one-week deposit
rate, in line with the base rate.
Earlier, the forint slid as far as 356 against the common
currency and government bond yields rose as uncertainty about
the one-week deposit rate concerned investors when the decision
about the base rate was announced.
"The rise in the one-week rate helped, and the bank saying
that it could hike rates monthly also boosted the forint," an FX
trader in Budapest said.
Government bond yields were unmoved on the short end of the
curve and 4-5 points lower on the long end on the day, a
fixed-income trader said.
"The one-week rate will be 0.9%, as expected, and the market
is now pricing in a transparent, credible monetary policy," he
said.
The Czech National Bank is also expected to raise its base
rate at its Wednesday meeting. A Reuters poll forecasts a 25
basis points hike.
The Czech crown edged down 0.07% to trade at
25.535 per euro.
Elsewhere, the Polish zloty firmed 0.17% to 4.5205
per euro, while the Romanian leu edged down 0.07% to
4.9260.
Stocks in the region were mixed, with Budapest down
0.19% while Warsaw firmed 0.21%. Prague was 0.24%
lower, while Bucharest eased 0.51%.
CEE SNAPSHO AT
MARKETS T 1621 CET
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bid close change in 2021
EURCZK= Czech
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