Hungary cuts rates, looks to abolish two coins

The National Bank of Hungary decided on Monday to lower its base rate by 25 basis points to 7.5% after announcing on Friday that it would withdraw its one and two forint coins.

The central bank deposit rate and the overnight collateralised loan rate moved down to 6.5% and 8.5% respectively. The central bank said on Friday that it plans to withdraw its two lowest denomination coins because they have become uneconomical to produce.

The central bank said: "For a long time, one and two florin coi

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