National Bank of Hungary cuts rates despite high inflation

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The Monetary Council of the National Bank of Hungary today (August 28) voted to cut the benchmark interest rate by 25 basis points to 6.75%, despite inflation being "higher than previously expected" in June and July.

In a statement following the decision, the central bank painted a bleak picture of the economic outlook. "In the council's judgement, economic output is likely to fall this year, with growth only expected to resume in 2013," the central bank said. The statement warned domestic

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