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Hungary's central bank cuts key rate a half point

Hungary's central bank cuts key rate a half point

The National Bank of Hungary says it is cutting its key interest rate to 7.5 percent from 8.0 percent, in line with analysts' expectations.
The central bank says the base rate cut will take effect Tuesday.
It last changed its base rate on Aug. 24, when it announced a cut to 8.0 percent from 8.5 percent.
Monday's adjustment was the fourth time the central bank has cut the rate this year and the seventh time since October 2008, when it carried out a surprising rate increase of 3 percentage points to support the national currency, the forint, which at the time had weakened considerably amid the global financial crisis.
The central bank is expected to release a statement explaining its decision later Monday.


Updated : 2021-10-28 21:54 GMT+08:00