March 29th, 2010

Hungarian National Bank cuts base rate to historic low of 5.5%

The National Bank of Hungary’s Monetary Council decided to reduce the base rate by 25bp to 5.50pc — a new historical low — at a meeting on Monday.

The cut was in line with expectations, in light of inflation prospects in Hungary and improvements on the global financial scene.

Including the current cut, which takes effect on Tuesday, the NBH has reduced rates by a combined 400bp at each of its monthly meetings since July 2009.

The meeting was the last one prior to general elections the first round of which will be held on April 11.

The condensed minutes of the meeting on Monday will be published at 14:00 on April 14.

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