Hungary cuts rates more than expected
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Hungary's central bank surprised the markets Monday by cutting its benchmark interest rate more than expected.
Magyar Nemzeti Bank lowered its base rate by 100 basis points to 8.50%.
Most analysts expected a reduction of only 50 basis points. After the rate cut, the Hungarian forint traded down 0.8% against the euro.
Hungary is mired in a deep recession and has received aid from the International Monetary Fund and other institutions.
Source: Marketwatch
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