Hungary defies IMF to cut rates again

András Simor

The National Bank of Hungary has cut its benchmark interest rate for the sixth consecutive time, despite warnings from the International Monetary Fund (IMF) that inflation is not well anchored.

On January 29, the central bank's Monetary Council voted for a further 25-basis point cut, meaning the interest rate has come down from 7% to 5.5% since August. The council said inflation had softened in December while output remained below potential, giving scope for additional stimulus.

The cuts follow

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