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Rate-setters voted 4:1 for tightening at Dec meeting

The National Bank of Hungary's Monetary Council voted 4:1 to raise the central bank's key rate by 25bp to 5.75% at a meeting on December 20, the condensed minutes of the meeting published on Wednesday show.

At a press conference after the meeting, NBH governor András Simor said the decision rate-setters made was “almost unanimous”, adding that the other proposal was to keep rates on hold.

The Council raised rates in November too, for the first time since October 2008.

Simor and one of his deputy governors Júlia Király, together with two of the Council's external members, Péter Bihari and Judit Neményi, voted for the rate rise. Simor's other deputy, Ferenc Karvalits, voted to keep the rate on hold. (MTI Econews)