Hungary defies government calls for cuts

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The National Bank of Hungary on Monday stood its ground against calls from the country's new government to implement further rate cuts.

The central bank left its benchmark base rate unchanged at a record low of 5.25%, following ten straight cuts. Despite an enduring degree of slack in the economy, as a result of global energy price inflation, the consumer price index was likely to settle around the central bank's 3% target over the medium term.

The Hungarian forint weakened following the announc

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