Hungary delivered its third interest-rate increase in two weeks after earlier monetary tightening steps failed to arrest the forint’s plunge to a record low. The currency rose modestly against the euro.
The central bank increased the one-week deposit rate, the effective base rate, by 40 basis points to 2.9%, more than the 10 basis-point median estimate in a Bloomberg survey. Thursday’s move brought the cumulative tightening this month to 110 basis points.