Hungarian central bank raises one-day rate

According to Zsigmond Jarai, chairman of the National Bank of Hungary, the storm of speculation against the forint [Hungarian currency] has ended. Most of the so-called hot money which has flown into the country has left the country.

Source: Report originally from Hungarian radio

The Monetary Council raised the one-day deposit interest rate by 2 per cent, a measure which was already considered necessary by the finance minister last week.