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Hungary rate-setters keep key rate on hold for sixth month in a row

The National Bank of Hungary's Monetary Council decided to keep the central bank's key rate on hold at 7.00% at a rate-setting meeting on Tuesday.

The decision to keep rates on hold -- taken for the sixth month in a row -- was in line with market expectations. The Monetary Council last changed the rate - raised it by 50 basis points -- on December 21, 2011.

The Council discussed two proposals, one to keep the rate on hold an another for a 25bp rate cut, and the Council took the decision with an overwhelming majority, NBH governor András Simor told a press conference held after the meeting.