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National Bank of Hungary raises base rate 50bp after downgrade

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The National Bank of Hungary's Monetary Council decided to raise the central bank's key rate by 50bp to 6.50% at a meeting on Tuesday.

The decision -- the first rate change in ten months -- came days after Moody's downgraded Hungary's sovereign rating to "junk" and was in line with market expectations.

Just one proposal was formally made at the meeting and the vote on the 50bp rate rise was unanimous, central bank governor Andras Simor said at a press conference after the meeting.

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