The Monetary Council of the Central Bank of Hungary decided on 21 July 2020 to reduce the base interest rate from 0.75% to 0.6% in order to maintain price stability and support economic recovery from the COVID-19 pandemic. This follows a reduction in the rate from 0.9% to 0.75% in June 2020. MNB Decree 24/2020. (VII. 21.), which sets the 0.6% rate, was published and entered into force on 22 July 2020. With respect to taxes, the base rate is used for different purposes, including for the determination of late payment interest, installment payment interest, and interest on refunds.