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Easing inflation offers room for MNB to lower rates

Hungary’s central bank left its key interest rates unchanged today but the recent appreciation of the forint and signs that disinflationary forces have picked up has given the central bank scope to reduce the interest rate on its one-week deposit back to 0.60% over the coming months. But the bar for lowering the base rate is much higher and the central bank will continue to lean heavily on unconventional tools.

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