Hungary: Central bank kept the base rate on hold at 8.50% |
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At its today monetary meeting, the monetary council kept the base rate on hold at 8.50%. The decision came as a big surprise, as analysts unanimously had expected a rate hike, taking the increase in the core inflation, the higher than expected April wage outflow in the private sector and the central bank’s overall hawkish stance into consideration. According to the statement of the council, the central bank seems to have switched into a “wait and see” mode, by saying that based on the latest
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