NBH says the central bank is committed to achieve and maintain price stability; the Council will decide on the future path of the base rate based on the September Inflation Report.

Guidance of this kind from the National Bank of Hungary follows the standard CEE central bank playbook: reaffirming the price stability mandate while deferring the rate decision to the quarterly Inflation Report is a deliberate conditioning of market expectations rather than a policy signal in itself. The NBH has a track record of forceful moves in both directions, having run one of the region's most aggressive tightening and subsequent easing cycles among CEE3 central banks, and it has historically used its quarterly forecast round as the anchor for recalibrating the base rate path. HUF rates and the front end of the local curve have tended to respond more to the report's inflation forecast revisions and any change in the Council's reaction function language than to interim statements of commitment. The distinction worth drawing is between a genuinely data-contingent pause and boilerplate patience: when the NBH intends to act, its communications have typically hardened in the weeks before the meeting. What matters next is the September Inflation Report's forecast path relative to target and whether other Council members echo the data-dependent framing, since the forint has historically traded as much on the pace guidance as on the decision itself.