Hungary’s central bank dropped its base rate 25 bps, somewhat less than had been expected. With forecasts of continuing trouble for the country’s economy, global uncertainty, along with the failure of Hypo Alpe- Adria Bank (which was taken over earlier this month by Austria) and fears over Greece’s solvency, the message seems to be that caution is advisable. At 6.25%, though, it’s a long way from last July when the rate hit 11.5%.
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