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Rate-setters voted 5:2 for December tightening, minutes show

The National Bank of Hungary’s Monetary Council voted 5:2 to raise the central bank’s key rate by 50bp to 7.00% at a meeting on December 20, the condensed minutes of the meeting published on Wednesday show.

MNB governor Andras Simor and deputy-governors Julia Kiraly and Ferenc Karvalits voted for the 50bp rise, as did external members of the Council Andrea Bartfai-Mager and Janos Cinkotai. Ferenc Gerhardt and Gyorgy Kocziszky voted for a 25bp increase.

Speaking at a press conference after the meeting, Mr Simor said a proposal for a 25bp rate rise was made in addition to the one for a 50bp increase. A "significant majority" of Council members voted for the 50bp increase, he added.