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Monetary Council keeps base rate level at 6%

The Monetary Council of the National Bank of Hungary (MNB) decided to leave the base rate unchanged at 6% at its rate-setting meeting on Monday, the bank said.

The decision is in line with analysts' expectations. The base rate, which equals the central bank two-week depo rate, has been unchanged since September 20, 2005 when it was reduced 25bp to 6%. The council reduced the key rate at each of its monthly rate-setting meetings between October 2004 and September 2005, from 11% to 6%. The base rate was 9.5% at the start of 2005.