Rate-setting meeting minutes confirm end to easing cycle

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Minutes of the last policy meeting of the National Bank of Hungaryʼs (MNB) Monetary Council confirm rate-setters decided to wind up the easing cycle, which began in March.

"The overwhelming majority of decision-makers agreed that the policy rate had reached the level which ensured the medium-term achievement of the inflation target and a corresponding degree of support to the economy," the minutes released yesterday reveal, according to news agency MTI.

At the last rate-setting policy meeting on July 21, the central bank’s base rate was lowered by 15 bps, down to 1.35%.

According to the minutes, the Council decided on the 15 bps cut with a vote of 8:1. The external member János Cinkotai, who has been less dovish than his colleagues at previous rate-setting meetings, also voted to keep the base rate on hold.

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