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Analysts see MNB keeping rates on hold on Monday

The National Bank of Hungary's Monetary Council is likely to leave rates on hold at 5.25% at its regular meeting on Monday, according to analysts polled by Reuters.

All 25 analysts that responded to the poll said rate-setters would keep the central bank's key rate on hold on Monday, but the consensus was for a 25bp cut by year-end. The Council has kept rates on hold at the last two of its monthly rate-setting meetings following cuts started a year ago that shaved 425bp of the base rate, bringing it to a record low.

In the minutes of the last rate-setting meeting, Council members said “a further easing of monetary conditions is primarily limited at the moment by a deterioration of the perceptions of risks.” (MTI – Econews)