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Hungary's July rate cut decided in 8-1 vote -minutes
August 6, 2014 / 12:21 PM / in 3 years

Hungary's July rate cut decided in 8-1 vote -minutes

BUDAPEST, Aug 6 (Reuters) - Hungary’s central bank said on Wednesday that eight of its nine rate setters backed a 20 basis point interest rate cut last month when the bank also announced the end of its easing cycle.

In the minutes of the July meeting published on Wednesday, the National Bank of Hungary said that one rate setter, Janos Cinkotai, voted to keep rates on hold.

The bank also said that looking ahead, the macroeconomic outlook “pointed in the direction of persistently loose monetary conditions.”

Last month’s cut in the benchmark rate to 2.1 percent was the last in a 2-year campaign to help the economy and the bank said that it planned to keep the rate on hold until the end of next year. (Reporting by Krisztina Than)

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