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Latest Hungarian Central Bank's MPC minutes confirmed that the Central Bank is monitoring the efficacy of its recently implemented QE measures and will consider further monetary loosening if necessary.
MNB says that it will primarily use existing non-conventional instruments. The language suggests that the MPC will decide on the need for further easing depending on inflation data alone.
"We expect ECB to revise down EU inflation projections sharply and ease policy in coming months; we then expect MNB also to lower its inflation projections by Q2. It is no surprise that the CB is considering expanding its QE volume." said Commerzbank in a report to clients.
