Tuesday, November 27, 2012

Hungary cuts base rate by 25 bps to 6.0%

    Hungary's central bank cut its base rate by 25 basis points to 6.00 percent, as widely expected, but gave no further details in its statement.
    Magyar Nemzeti Bank, the National Bank of Hungary, has now cut its base rate by 100 basis points this year.
    Hungary's Gross Domestic Product contracted by 0.2 percent in the third quarter from the second, the third monthly contraction in a row, for an annual decline of 1.5 percent, up from an annual shrinkage of 1.3 percent in the second quarter.
    Inflation eased to 6.0 percent in October from a 2012 high of 6.6 percent in September, but still twice the bank's target of 3.0 percent.



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