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Hungary Cuts Key Rate For First Time Since 2016

Hungary’s central bank unexpectedly lowered its key interest rate for the first time in more than four years.

The Monetary Council of the Magyar Nemzeti Bank on Tuesday decided to cut the base rate by 15 basis points to 0.75 percent from 0.90 percent.

The bank was expected to retain its rate at 0.90 percent.

The previous change in the rate was a 15 basis points reduction in May 2016.

The overnight central bank deposit rate was retained at -0.05 percent and the one-week collateralized loan rate was maintained at 1.85 percent.

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