Feb 23
Hungary: Base rate announcement
Central bank kept the base rate on hold (9.50%) As expected, the central bank kept the base rate on hold (9.50%) at its today’s rate setting meeting. The statement of the council does not contain many surprises, saying that growth outlook in Hungary has deteriorated more than previously expected, due to the worsening of the global economic environment. Thus, a recovery of exports cannot be expected before 2010. On the other hand tighter credit conditions would decrease lending activity,
