Central bank cuts base rate to 0.75 pc

Hungary's central bank (NBH) rate-setters cut the base rate by 15 basis points to 0.75 percent at a regular meeting on Tuesday. The base rate had been set at 0.90 percent since May 25, 2016. The bank's Monetary Council decided to leave the O/N deposit rate at -0.05 percent and the O/N and one-week collateralised loan rates at 1.85 percent. In a statement released after the meeting, the Council referred to the rate cut as a "fine-tuning measure" that "supports the maintenance of price stability and the recovery of economic growth".