The rate reduction was the third 25bp cut in a row. Before the cuts, the base rate was unchanged at 7.00% between December 2011 and August 2012. The move came as little surprise to analysts who thought it likely the Council’s external members would again outvote the NBH governor and his deputies.
The four external members voted for cutting the base rate at the previous two rate-setting meeting while NBH governor András Simor and his two deputies voted to keep the rate on hold.
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