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MNB keeps rates on hold, as expected

The National Bank of Hungary's Monetary Council kept the base rate on hold at 5.25% at a meeting on Monday, in line with market expectations.

The decision marked the first pause in a campaign of rate cuts started last July that reduced the MNB's key rate by a combined 425 bp to a historical low.

At a press conference after the meeting, central bank governor András Simor said a “convincing majority” of the Council's members had voted to keep the base rate on hold. The only other proposal was to cut the rate by 25 bp, he added. (MTI – Econews)