MNB expectedly cuts base rate by 10 basis points

Analysis

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In line with previous expectations, Monetary Council of The National Bank of Hungary (MNB) decided to cut the central bank's key rate by 10 basis points to 2.40% at a meeting on Tuesday. The rate-setters continued an easing cycle started in August 2012.

Rate-setters suggested the policy easing would continue, depending on the outlook for the economy, risk perceptions and scenarios in the central bank's next quarterly inflation report due out in June.

“The Monetary Council will decide on the need and possibility of reducing the base rate further after a comprehensive assessment of the macroeconomic outlook and developments in perceptions of the risks about the economy and in view of the baseline projection and alternative scenarios in the June issue of the Quarterly Report on Inflation,” according to the statement published after the meeting.

-- Christian Keszthelyi contributed to the article

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