Hungary’s central bank (MNB) unexpectedly cut its base rate from 0.90% to 0.75% at today’s monetary policy meeting, and we now think another cut is likely in the second half of this year. With the economic recovery likely to fall short of the central bank’s projections, we maintain our forecast for the 3m BUBOR to fall from 0.90% at present to around 0.50% by year-end.
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