Kamatlábszint

Kamatlábszint is a Hungarian term that literally translates to “interest‑rate level.” It is used in economic and financial contexts to refer to the prevailing level of short‑term or policy interest rates that influence the cost of borrowing and the overall financial environment. The phrase is normally applied to the reference rate set by the Hungarian National Bank (Magyar Nemzeti Bank, MNB), which serves as the benchmark for interbank lending, loans, mortgages, and other credit products in the domestic market.

Legally, the kamatlábszint is tied to the central bank’s monetary policy decisions. When the MNB changes its overnight repo rate, the kamatlábszint is considered to have moved accordingly. Commercial banks adjust their loan and deposit rates in proportion to this change, with a typical spread that covers risk, operating costs, and desired profit margins. Thus, the kamatlábszint functions as an economic indicator that signals the stance of monetary policy to businesses, households, and international investors.

In practice, analysts monitor the kamatlábszint to forecast inflation expectations, assess credit conditions, and model the transmission of policy rates to the real economy. A sudden rise in the kamatlábszint can tighten credit, raise loan rates, and cool demand, whereas a cut can lower borrowing costs and stimulate spending. Because the kamatlábszint is central to the design of interest‑rate policy, it is frequently cited in legislative texts, budgetary discussions, and higher‑education courses on macroeconomics and finance.