Hungary cuts rates by half percent

In a widely anticipated decision, the central bank of Hungary reduced the base rate by half a percentage point, from 11.5 percent to 11 percent, when it met on 16 August. While the central bank pointed to improvements in the economy as the cause, it is thought that a desire to weaken the currency was also important.

In a statement, the central bank said that the reduction was due to forecasts that inflation is set to decline from its peak in May to around six percent by December 2004. On the w

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