Bloomberg investigated for base rate misprint


News agency Bloomberg took immediate steps related to an erroneous headline published on the National Bank of Hungary (MNB)'s rate decision on Tuesday, Bloomberg said in response to MTI on Wednesday.
    “As soon as we discovered the error, we corrected the headline and took immediate steps to prevent it from happening again,” Bloomberg said. A report published at 1:54pm local time on Tuesday incorrectly stated that MNB rate-setters had cut the base rate by 400bp to 1%.
    The agency corrected its item within a couple of seconds. The forint weakened sharply although temporarily just before the publication of the rate decision – an expected 25bp cut in the key base rate, to 4.75% – at 2pm.
    The MNB on Tuesday said it was “deeply concerned” that a news agency had published “strongly misleading information” about a decision by rate-setters before an official announcement, and urged “the news agency to take decisive measures in order to avoid similar misinformation in the future.
    ”The MNB statement did not name the news agency but other news sources said it was Bloomberg. The central bank also said temporary financial market volatility that emerged after the agency published the report on Tuesday was “subject to further inquiry.”
    Financial market regulator PSzÁF announced on Wednesday that it launched an investigation on the matter on suspicion of market influence.


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