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National bank cuts base rate by 25 bp

The monetary council of the National Bank of Hungary (MNB) decided to lower the benchmark interest rate from 7.5% to 7.25%, MNB announced. The new interest rates will be valid as of May 24. In a public announcement today, the monetary council described the current inflation trends as favorable, declaring that if they remain stable Hungary should have no problem in meeting the 4% and 3.5% inflation targets at the end of 2005 and 2006.