January 31, 2014 / 10:27 AM / 4 years ago

Hungary cbank will act if needed, not under pressure -Pleschinger

BUDAPEST, Jan 31 (Reuters) - Hungary’s central bank has time to “comfortably” analyse the impact of recent market falls on inflation and will take action if needed, rate-setter Gyula Pleschinger said on Friday, adding that the country’s fundamentals were sound.

He told reporters on the sidelines of a central bank conference that the bank would take the necessary steps if developments justify this.

“The country is fundamentally sound, our external financing capacity is massive, so we do not see particular reason for concern,” he said.

“We cannot say that we will act but we cannot say that we will not act either,” he said. “It depends on the developments, which we are monitoring.”

He said on the basis of the Hungarian inflation outlook alone, a rate reduction could still be considered, however, as in the past, the Monetary Council would also take market developments into account when taking its decision.

Responding to a reporter’s question, Pleschinger said he was unaware of any thought given to calling an extraordinary meeting of the Monetary Council, adding that big market swings tend to be followed by corrections.

“We are not under any kind of pressure, we have time to comfortably look at and analyse the developments.” (Reporting by Gergely Szakacs, editing by Jan Lopatka)

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