Hungary surprises with full-point cut
In a surprise move on Monday, Hungary's central bank cut interest rates by a full percentage point - against an expected 0.5% - to 8.5%, the first reduction since January.
The lower rates reflect official confidence that the country is largely over the crisis that engulfed it last October, when a run on the forint (which fell to 317 to the euro, its lowest ever level) pushed the central bank to raise interest rates to 11.5% and the authorities to seek support from the International Monetary Fund
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