Matolcsy: Low base rate could save HUF 800 bn in interest expenditures

Last year the low base rate set by the National Bank of Hungary helped save 610 billion forints (EUR 1.87bn) for the budget in interest expenditures, and this year's savings could be 800 billion, the central bank's governor said on Tuesday at a meeting of parliament's Economic Committee. According to Gyorgy Matolcsy between August 2012 and the end of 2017 the 610 point cut in the base rate saved 1,600 billion forints in interest expenditures for the government.