Forint's slide prompts drastic hike in Hungary

The National Bank of Hungary on Wednesday hiked rates by 300 basis points to 11.5% on Wednesday after the forint's slump against the euro intensified.

"On 22 October, the Monetary Council held a special meeting. After reviewing the latest financial market developments, the council decided to raise the central bank base rate to 11.5%," the central bank said, adding that the council had also opted to narrow its overnight deposit and collateralised lending facilities to within half a point of th