Hungary cuts borrowing costs to record low

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For the 10th month running Hungary’s central bank has reduced its main interest rate by 0.25%. It is now at 4.5%, down from seven percent, with further cuts expected. The government is taking advantage of record low inflation to reinvigorate the economy, which remains weak, despite being one of very few European countries to achieve growth in the first three months of this year. After a recession last year, the government predicts growth for the whole year of 0.7%, the same as the quarter-on-quarter rise between January and March. Inflation is set to be just above the central bank’s 3% target, having hit 6.6 percent last September. The deficit is forecasted by the government to be just 2.7% of GDP.

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