Hungary continues to cut rates

The National Bank of Hungary cut its key interest rate on 22 August for the seventh time in 2005, from 6.75% to 6.25%. The cut is the latest in a cycle of decreasing rates which began in November 2003, when rates were 12.5%. It was a larger move than markets expected, and the bank explained its action by referring to better-than-expected inflation data.

And with the Bank's estimate for 2006 inflation now at a record low of 1.6% due to forthcoming tax cuts, interest rate cuts also look set to c

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