Hungary's central bank cuts base rate to 12.25%

The Monetary Council of Hungary's national bank (MNB) cut its base rate by 25 bp to 12.25% at its Monday meeting. The MNB said as a result of improving external and internal economic developments, the conditions for meeting the end-2005 inflation target of 4% have improved making a rate cut possible.

The improving international economic situation has led to a dynamic growth in Hungarian exports, which can also be seen in the increase in industrial production and productivity, as well as in rising

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