Hungary rate setters voted 4-to-3 to cut rates by 25bps on Oct 30.

By bne IntelliNews November 15, 2012
The decision of the National Bank of Hungary's Monetary Council to cut rates for the third time in a row by 25bps to 6.25% on October 30 was again supported by the four external members of the committee, while the central bank governor and his two deputies voted in favour of maintaining the base rate at 6%, the minutes of the meeting showed on Wednesday (Nov 14). The four external rate setters were appointed last year by parliament, where Prime Minister Viktor Orban's conservative Fidesz party holds a two-thirds majority. In terms of the Councils future interest rate decisions, members agreed that the Council should consider a further reduction in interest rates if data in the coming months confirmed that the improvement in financial market sentiment persisted and the medium-term outlook for inflation remained consistent with the 3% target, the minutes showed. The Council will hold its next rate-setting meeting on November 27.

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