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Hungary: MNB cuts again − no surprise

Mon, Jan 19 2009, 14:10 GMT
by Lars Christensen

Danske Bank A/S


The Hungarian central bank (MNB) today again cut its key policy rate, by 50bp to 9.50%, which was in line with the consensus and our expectation.

Today's decision to cut rates is no surprise and should not move markets much. It is clear that the MNB wants to continue to bring down rates as inflation slows and the economy slumps. That said, the recent renewed weakness in the forint is probably arousing some concerns in the MNB. This might limit the room for monetary easing, but the MNB is still likely to continue to ease monetary policy in the coming months, but not aggressively.

Published on  Mon, Jan 19 2009, 14:13 GMT

Danske Bank  | Holmens Kanal 2-12, DK-1092 Copenhagen
http://www.danskebank.com/ | danskeresearch@danskebank.com

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