Hungary's Central Bank Slashes Key Rate To Lowest Since July 2006

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Monday, the Hungarian central bank lowered its key policy rate by 50 basis points to the lowest since July 2006. The rate cut came in line with economists' expectations.

The Monitory Council of Magyar Nemzeti Bank slashed its base rate to 7% from 7.5%, with effect from October 20. In September, the central bank had reduced their interest rate by 50 basis points from 8%.

Meanwhile, the new overnight central bank deposit rate is 6.5% and overnight collateralised loan rate is 7.5%.

Inflation rate eased further in September. The consumer price index or CPI rose 4.9% year-on-year in September, slower than the 5% growth in the previous month.

Monday, the Hungarian central bank lowered its key policy rate by 50 basis points to the lowest since July 2006. The rate cut came in line with economists' expectations. (Market News Provided by RTTNews)