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MPC Member Says Base Rate Could Be Cut to 10-11% by Year-End

HUNGARY
  • Hungary's central bank could cut its base rate to 10-11% by the end of the year from 13%, a rate-setter told Reuters.
  • Gyula Pleschinger, an influential policy maker on the nine-member committee, said there was a "good chance" the NBH could align its one-day deposit rate with its 13% base rate when it meets on Sep 26.
  • Once that alignment takes place, the NBH will simplify its policy toolkit further, which could include making the interest rate corridor around its base rate symmetrical, he said.
  • "For us, this means that we need to very carefully consider all of our planned steps, because we are much more vulnerable than Poland," he said, adding that big swings in the forint's exchange rate were not welcome.
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