The National Bank of Hungary kept its benchmark interest rate at 5.5% at its September 2026 meeting, following four cuts this year, while the Central Bank of the Republic of Azerbaijan held its discount rate at 6.5% for a fourth consecutive meeting on September 23, 2026. Hungary’s August inflation rose to 1.3% from 1.2% in July but remained below its 2%-4% target range, while Azerbaijan’s annual inflation eased to 5.7% from 5.8% and remained within its target range, with core inflation at 5.1%. Azerbaijan lowered the floor of its interest rate corridor to 5% while keeping the upper bound at 7.5% to encourage interbank trading amid excess liquidity. The forint gained 5.8% against the euro this year, and Azerbaijan’s international reserves rose 32.9% to a record $15.3 billion during the first eight months of 2026. Both central banks cited external risks, including global energy prices, while Azerbaijan said future decisions would depend on inflation, foreign exchange conditions and banking liquidity.