Hungary keeps key rate on hold at 6%

EU

Hungary’s central bank MNB has kept the country’s key rate on hold at 6% at a rate-setting meeting on Tuesday.

The decision was in line with market expectations.

Rate-setters left the key rate unchanged for the sixth month in a row following a tightening cycle started last November and finished in January.

At the previous meeting held on June 20, Council members voted unanimously to keep the rate on hold and agreed that it might be necessary to keep the base rate on hold for a longer period to ensure the central bank's 3% "price stability" target is met by the end of 2012.

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