kamatemelés

Kamatemelés is the term used for an increase in a central bank’s policy interest rate. It is a tool of monetary policy aimed at dampening inflation or preventing an economy from overheating, and it helps anchor inflation expectations. Decisions are typically made by the central bank’s monetary policy council at scheduled meetings, and the new rate serves as a benchmark for other interest rates in the economy, including lending and deposit rates offered by banks.

Implementation and transmission occur when the central bank announces a rate change in a policy statement, sometimes accompanied by an outlook update. The new rate may take effect immediately or on a specified date. The impact on markets and the economy unfolds over time, influencing bond yields, currency value, and the cost of borrowing in the banking system. The transmission from a policy rate to consumer and business rates can take weeks or months.

Effects of kamatemelés include higher borrowing costs for households and firms, which tends to slow consumer spending, investment, and credit growth. This can help reduce inflation but may also slow economic activity and, in some cases, raise unemployment or increase debt service burdens. The exchange rate may appreciate as higher rates attract capital inflows. Policymakers weigh inflation control against growth and financial stability when deciding on a rate increase.

Context in Hungary: In Hungary, kamatemelés refers to increases in the Magyar Nemzeti Bank’s policy rate or other key policy rates. The MNB uses rate changes to steer inflation toward its target and maintain price stability, responding to domestic price pressures and external developments. As in other economies, higher rates can affect mortgages, corporate borrowing, and overall financial conditions.