Hungary: Emergency hike of 300bp
The Hungarian central bank (MNB) has just hiked its key policy rate by 300bp to 11.50%. The hike is an emergency measure. While the forint has strengthened by more than 1½% on the back of the hike, this is not that much taking into account the size of the hike. The hike has to be seen in the light of the serious pressure on the forint in recent weeks.
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