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Monetary Council voted 8-1 for July rate cut

EU

The National Bank of Hungary's (MNB) rate-setting Monetary Council voted 8:1 to cut the central bank's key rate at a meeting on July 22, the condensed minutes of the meeting published Wednesday show.

The minutes show that MNB governor György Matolcsy as well as his deputies, Ádám Balog, Ferenc Gerhárdt and László Windisch, voted for the 20bp cut together with external members Andrea Bártfai-Mager, György Kocziszky, Csaba Kandracs and Gyula Pleschinger. The external member János Cinkotai, who has been less dovish than his colleagues at previous rate-setting meetings, too, voted to keep the rate on hold at 2.30%.

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