The National Bank of Hungary (MNB) is “deeply concerned” that a “great news agency” published “strongly misleading information” on the rate setting meeting of MNB on Tuesday, ahead of the official announcement of the bank, the MNB said in a statement late Tuesday. On screens worldwide a flash appeared six minutes before the rate decision with “BN” heading, alleging that MNB “lowers benchmark rate to 1.00%”, which sent the forint diving for a few seconds. The item was corrected a couple of seconds later to “correct: no Hungarian rate decision yet”. Porfolio.hu published a copy of the screen. MNB cut its main rate to 4.75% from 5.00% on Tuesday. “The central bank urges the news agency to take decisive measures in order to avoid similar misinformation in the future. The financial market volatility that temporarily emerged after the misleading information had been published is subject to further inquiry,” MNB said.
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