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Hungary's central bank holds rates at 8%

Hungary's central bank on Monday held the base interest rate at 8% for the seventh month in a row.

Hopes were raised early last week that the bank would cut rates after inflation, which had climbed to 9% after a government austerity package, began to fall. However, data released later in the week showed high inflationary pressures on wages, leading analysts to say the bank would hold off on a cut. The bank is still expected to being cutting rates in the H2 of the year. The bank last year hiked interest rates by 2% as inflation began to climb due to government austerity package. (