The press release accompanying today’s decision by the National Bank of Hungary to keep interest rates on hold was surprisingly upbeat. It largely shrugged off the drop in inflation in September, signs that growth has slowed and renewed weakness in key euro-zone export markets. Accordingly, it looks like further rate cuts – which have been mooted in some quarters – are unlikely. Instead, it seems that interest rates will remain extremely low, but stable, for a prolonged period.
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