BUDAPEST, March 5 Seven of Hungary's central
bank policy makers voted last month to cut the base rate by 15
basis points to a new low of 2.7 percent, while two
members voted for keeping rates on hold, the minutes of the
meeting showed on Wednesday.
Rate setters Gyula Pleschinger and Janos Cinkotai wanted to
end the easing cycle, the minutes showed.
"A majority of the Council judged that there remained scope
for reducing interest rates in the context of increased
uncertainty in financial markets," the Monetary Council said in
the minutes of the meeting.
"Members argued that developments in both inflation and the
real economy were consistent with a further easing of policy and
noted that its strong economic fundamentals clearly
distinguished Hungary from those emerging market economies which
had been faced with financial market turbulence recently."
The Council said it would decide "on the need and
possibility for continuing the easing cycle" in March, after
assessing the economic outlook and perceptions of risks about
the economy in light of the bank's new inflation report.
The bank has reduced its base rate from 7 percent in an
unbroken string of cuts that began in August 2012.
(Reporting by Krisztina Than)