Outgoing Hungarian governor fighting a losing battle on monetary council

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Four external members of the National Bank of Hungary's monetary council outvoted the central bank's governor, András Simor, and his two deputies for the fifth successive meeting on December 18, according to minutes from the meeting published yesterday.

The council has voted to cut the benchmark interest rate by 25 basis points in each of the last five meetings, which have seen the rate drop from 7% to 5.75% between August and December.

At each meeting the cut passed with a majority of four

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