June 23, 2020 / 12:11 PM / 17 days ago

Hungary unexpectedly cuts base rate by 15 bps to 0.75%

BUDAPEST, June 23 (Reuters) - The National Bank of Hungary unexpectedly cut its base rate by 15 basis points to 0.75% on Tuesday, while keeping all other interest rates unchanged.

Analysts polled by Reuters projected no change in interest rates at Tuesday’s meeting, where the bank is likely to downgrade its economic growth forecast for this year. The NBH left the overnight deposit rate at -0.05%.

The bank will issue a policy statement and updated economic projections from its quarterly inflation report at 1300 GMT. (Reporting by Krisztina Than and Gergely Szakacs)

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