Hungarian council reflects on gradual pace of rate cuts
Council members attribute ability to ease slowly to greater credibility
The Central Bank of Hungary called time on its latest easing cycle in July, having cut its base rate by 15 basis points in five consecutive months, something "several" members of its monetary council say was made possible by the "increased" credibility of the institution.
The council cut the base rate from 2.1% to 1.35% between March and July, before concluding it had "reached the level that ensures the medium-term achievement of the inflation target".
It is relatively uncommon for a central
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