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30bps Rise to One-Week Depo Rate, As Expected

HUNGARY
  • The Hungarian central bank raise the one-week deposit rate to 6.75%, a 30bps rise, as expected. Markets expect tightening to continue in the near-future, which should bring the deposit rate to 7.05% by the end of this month.
  • The sixth package of Russian sanctions failed to garner unanimous support yesterday, as Hungary blocked the passage of a final deal and demanded that the head of the Russian orthodox church, Patriarch Kirill, be removed from sanctions lists. Ambassadors are to meet again today after Hungary’s protest, but Bloomberg cite sources as saying “Hungary crossed the line […] and the mood was not good”.
  • Elsewhere, trade balance data for March showed a 708mln trade deficit – a larger deficit than February’s 503mln.

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