Zoltán Kurali: Interest Rate Cut Could Happen This Year if the Government's Euro Dream Proves Credible

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The Hungarian National Bank may still reduce interest rates this year if external market conditions develop favorably and the government presents a credible deficit reduction plan in order to join the euro, said Zoltán Kurali, the vice president of the central bank responsible for monetary policy, in an interview with Reuters.

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Another interest rate cut may come in Hungary before the end of the year, but this also requires a favorable external market environment and a credible budget path.

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The Hungarian National Bank (MNB) may continue to cut interest rates this year, provided that external market conditions develop favorably and the government comes up with a credible deficit reduction plan in order to join the eurozone. Although the central bank kept the base rate at 5.5 percent at its last interest rate-setting meeting, it lowered the inflation target from 3 to 2.5 percent in preparation for the euro adoption, Portfolio reporte…

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Hungary's central bank could cut interest rates by the end of this year if market conditions are favorable and the government presents a credible plan to reduce the deficit in order to adopt the euro, the bank's deputy governor responsible for monetary policy, Zoltán Kurali, told Reuters. The Hungarian...