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Hungarian c.bank cuts benchmark rate to 4.50%
2013/5/29 11:02:09 Source:Xinhua News
The rate-setting Monetary Council of the National Bank of Hungary (MNB) announced a quarter-percent cut in its two-week deposit (benchmark) rate on Tuesday, bringing it down to 4.50 percent.
 
The move, the tenth cut in as many months bringing the rate down from 7.00 percent in 25-base-point moves, was expected by analysts.
 
Bank officials had publicly stated their satisfaction with previous rate cuts, pointing out that they have not sparked inflation as many feared and declared their readiness to keep bringing down the rate.
 
Earlier this month, central bank governor Gyorgy Matolcsy said that the gradual and successive rate cuts, that monetary players could expect and rely on, had been a good strategy, suggesting that it would continue.
 
The forint, the local currency, which has been steadily appreciating over the past month, continued to strengthen following the central bank announcement.
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