Rate-setters vote to hold at September meeting

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The National Bank of Hungary's (MNB) rate-setting Monetary Council voted unanimously to keep the central bank's key rate unchanged at 2.10% at a meeting on September 23, the condensed minutes of the meeting revealed today.

The Council has kept to its word following a July rate-setting meeting, when it said that it had finished its two-year easing cycle and would not make more cuts this year.

As the minutes of the September meeting reveal, the Council judged that "inflation was likely to move into line with the target over the medium term" with maintaining the current monetary conditions.

"If the assumptions underlying the bank's projection held, achieving the medium-term inflation target pointed in the direction of maintaining current loose monetary conditions for an extended period," the Council said in the minutes, reiterating its stand since the end of the easing cycle.

The Council added that a "cautious approach to policy was still warranted due to uncertainty about future developments in the global financial environment".  The Council's next rate-setting meeting will take place on October 28.

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