{"id":150228,"date":"2025-07-22T17:09:57","date_gmt":"2025-07-22T15:09:57","guid":{"rendered":"https:\/\/gazdasagportal.hu\/?p=150228"},"modified":"2025-07-22T17:09:57","modified_gmt":"2025-07-22T15:09:57","slug":"csokkent-a-kotelezo-tartalekrata","status":"publish","type":"post","link":"https:\/\/gazdasagportal.hu\/index.php\/csokkent-a-kotelezo-tartalekrata\/","title":{"rendered":"Cs\u00f6kkent a k\u00f6telez\u0151 tartal\u00e9kr\u00e1ta"},"content":{"rendered":"<p style=\"font-weight: 400;\"><strong>A Monet\u00e1ris Tan\u00e1cs a mai kamatd\u00f6nt\u0151 \u00fcl\u00e9s\u00e9n sem v\u00e1ltoztatott az ir\u00e1nyad\u00f3 kamatokon. A jegybanki alapkamat tov\u00e1bbra is 6,50 sz\u00e1zal\u00e9kon \u00e1ll. A kamatfolyos\u00f3 k\u00e9t sz\u00e9le szint\u00e9n v\u00e1ltozatlan maradt \u2013 5,50, illetve 7,50 sz\u00e1zal\u00e9kon. A d\u00f6nt\u00e9s nem okozott meglepet\u00e9st, megfelelt a sz\u00e9les k\u00f6r\u0171 elemz\u0151i konszenzusnak.<\/strong><\/p>\n<p><!--more--><\/p>\n<div class=\"ads-in-post2\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-6t+ed+2i-1n-4w\"\r\n     data-ad-client=\"ca-pub-1959107119989764\"\r\n     data-ad-slot=\"4008251320\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p style=\"font-weight: 400;\"><strong>\u00a0<\/strong><\/p>\n<p style=\"font-weight: 400;\">A Monet\u00e1ris Tan\u00e1cs (MT) \u00e1ll\u00e1sfoglal\u00e1s\u00e1nak publik\u00e1l\u00e1s\u00e1val p\u00e1rhuzamosan Varga Mih\u00e1ly, a jegybank eln\u00f6ke ismertette a d\u00f6nt\u00e9s h\u00e1tter\u00e9t. A makrogazdas\u00e1gi k\u00f6rnyezet \u00e9rdemben nem v\u00e1ltozott az egy h\u00f3nappal ezel\u0151tti \u00e1llapothoz k\u00e9pest, a kock\u00e1zatv\u00e1llal\u00e1si hajland\u00f3s\u00e1g n\u00e9mileg javult.<\/p>\n<p style=\"font-weight: 400;\">\n<p style=\"font-weight: 400;\">Augusztus elsej\u00e9t\u0151l cs\u00f6kken a k\u00f6telez\u0151 tartal\u00e9kr\u00e1ta: az eddigi 10 sz\u00e1zal\u00e9kr\u00f3l 8-ra m\u00e9rs\u00e9kl\u0151dik. Az int\u00e9zked\u00e9s \u2013 ahogy a jegybanki k\u00f6zlem\u00e9ny is megjegyzi \u2013 f\u0151k\u00e9nt technikai jelleg\u0171 \u00e9s csek\u00e9ly befoly\u00e1ssal b\u00edr a monet\u00e1ris transzmisszi\u00f3ra.<\/p>\n<p style=\"font-weight: 400;\">\n<p style=\"font-weight: 400;\">Nem v\u00e1ltozott a MT el\u0151retekint\u0151 ir\u00e1nymutat\u00e1sa sem a kor\u00e1bbiakhoz k\u00e9pest:\u00a0<em>\u201eA Monet\u00e1ris Tan\u00e1cs elk\u00f6telezett az infl\u00e1ci\u00f3s c\u00e9l fenntarthat\u00f3 el\u00e9r\u00e9se mellett. Az infl\u00e1ci\u00f3s k\u00f6rnyezetet \u00f6vez\u0151 kock\u00e1zatok, valamint a kereskedelem- \u00e9s geopolitikai fesz\u00fclts\u00e9gek tov\u00e1bbra is \u00f3vatos \u00e9s t\u00fcrelmes monet\u00e1ris politik\u00e1t tesznek sz\u00fcks\u00e9gess\u00e9. A Tan\u00e1cs meg\u00edt\u00e9l\u00e9se szerint a szigor\u00fa monet\u00e1ris kond\u00edci\u00f3k fenntart\u00e1sa indokolt.\u201d<\/em><\/p>\n<p style=\"font-weight: 400;\">\n<p style=\"font-weight: 400;\">A tartal\u00e9kr\u00e1ta v\u00e1ltoztat\u00e1sa alapvet\u0151en igazodott az eur\u00f3pai viszonyokhoz \u00e9s a bankrendszer likvidit\u00e1st\u00f6bblet\u00e9nek cs\u00f6kken\u00e9s\u00e9hez. A f\u0151bb \u00fczenetek nem v\u00e1ltoztak a kor\u00e1bbiakhoz k\u00e9pest. A pozit\u00edv re\u00e1lkamat fenntart\u00e1sa tov\u00e1bbra is a kommunik\u00e1ci\u00f3 fontos r\u00e9sz\u00e9t k\u00e9pezi. A piaci \u00e1raz\u00e1sok jelenleg legal\u00e1bb egy kamatv\u00e1g\u00e1sr\u00f3l tan\u00faskodnak az \u00e9v h\u00e1tral\u00e9v\u0151 r\u00e9sz\u00e9ben. A mi v\u00e1rakoz\u00e1sunk, hogy, amennyiben a fejlett piaci \u00e9s r\u00e9gi\u00f3s kamatszintek a mostani tud\u00e1sunk szerint alakulnak, abban az esetben tov\u00e1bbra elk\u00e9pzelhet\u0151nek tartunk egy, 25 b\u00e1zispontos kamatv\u00e1g\u00e1st az \u00e9v v\u00e9g\u00e9n.<\/p>\n<p>(<b>Nagy J\u00e1nos, makrogazdas\u00e1gi elemz\u0151 &#8211; Erste<\/b>)<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Monet\u00e1ris Tan\u00e1cs a mai kamatd\u00f6nt\u0151 \u00fcl\u00e9s\u00e9n sem v\u00e1ltoztatott az ir\u00e1nyad\u00f3 kamatokon. A jegybanki alapkamat tov\u00e1bbra is 6,50 sz\u00e1zal\u00e9kon \u00e1ll. A kamatfolyos\u00f3 k\u00e9t sz\u00e9le szint\u00e9n v\u00e1ltozatlan maradt \u2013 5,50, illetve 7,50 sz\u00e1zal\u00e9kon. A d\u00f6nt\u00e9s nem okozott meglepet\u00e9st, megfelelt a sz\u00e9les k\u00f6r\u0171 elemz\u0151i konszenzusnak.<\/p>\n","protected":false},"author":1001010,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[19],"tags":[],"_links":{"self":[{"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/posts\/150228"}],"collection":[{"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/users\/1001010"}],"replies":[{"embeddable":true,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/comments?post=150228"}],"version-history":[{"count":2,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/posts\/150228\/revisions"}],"predecessor-version":[{"id":150230,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/posts\/150228\/revisions\/150230"}],"wp:attachment":[{"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/media?parent=150228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/categories?post=150228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/tags?post=150228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}