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Hungary has room for one or two more rate cuts -cbanker Balog
July 14, 2014 / 6:01 AM / 3 years ago

Hungary has room for one or two more rate cuts -cbanker Balog

BUDAPEST, July 14 (Reuters) - Hungary’s central bank still has room for one or two reductions in its base rate from a record low 2.3 percent, Deputy Governor Adam Balog was quoted as saying on Monday.

The Monetary Council next meets to set interest rates on July 22. It has lowered the benchmark from a mid-2012 peak of 7 percent in successive monthly steps to help recovery with inflation running at historic lows.

“At this moment I see room for one or two more reductions and that is by and large what is needed for the National Bank of Hungary to achieve its primary objective over the medium term, reaching and maintaining 3 percent inflation,” Balog was quoted as saying in an interview with business daily Napi Gazdasag.

Balog also said the government’s relief programme for foreign currency borrowers would have no direct impact on rate policy over the next one or two months. (Reporting by Gergely Szakacs; Editing by Eric Meijer)

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