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MNB cuts rate 20bp – more than expected

EU

The Monetary Council of the National Bank of Hungary (MNB) announced today that it would continue its monetary easing of the forint by lowering the central bank base lending rate by 20bp, which is twice as large as the reduction predicted by analysts last week.

As an immediate effect of the rate cut, the Hungarian forint weakened from around 309.2 to 309.9 to the Euro.

Council members speculated that “further cautious easing of monetary policy will follow”, but they added that the base rate had “significantly approached a level which ensured the medium-term achievement of price stability and a corresponding degree of support for the economy”.

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