Central bank cuts key rate to record-low 3%

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As expected, the National Bank of Hungary (MNB) today lowered the two-week deposit rate from 3.2% to an all-time low 3%. The central bank has lowered borrowing costs for 17 consecutive months to buttress the recovery from a recession last year. 

The lack of inflation pressure gives rate setters room to ease borrowing conditions further and maintain “sustainable loose monetary conditions,” central bank President György Matolcsy had stated on November 28.

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