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Hungary's central bank cuts key interest rate by 15 bps in surprise move

Xinhua, March 23, 2016 Adjust font size:

The National Bank of Hungary cut the benchmark interest rate by 15 basis points on Tuesday, from 1.35 percent to a historical low of 1.20 percent in a surprise but not wholly unexpected move.

A statement issued by the bank's rate-setting Monetary Council cited exceedingly low inflationary pressure and historically low inflationary expectations.

Therefore, the statement continued, the Monetary Council had opted to loosen up monetary conditions, which included a decline in the benchmark rate and an asymmetric narrowing down of the central bank's standing facilities corridor.

The bank also cut the overnight deposit rate to minus 0.05 percent (from 0.1 percent) and the overnight credit rate to 1.45 percent (from 2.1 percent). Enditem