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Hungary ends easing cycle, Turkey’s has further to run

Having cut its policy rate by 15bp to 0.90% earlier today, the National Bank of Hungary’s MPC used the accompanying press release to comment that interest rates would now be left unchanged. In contrast, we think today’s interest rate cut in Turkey is likely to be followed up with further easing over the coming months – we expect 100bp of cuts in the overnight lending rate, bringing it to 8.50%.


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