{"id":33212,"date":"2012-10-30T09:35:00","date_gmt":"2012-10-30T13:35:00","guid":{"rendered":"http:\/\/countingpips.com\/forex-news\/2012\/10\/hungary-cuts-rate-by-25-bps-for-third-month-in-a-row\/"},"modified":"2012-10-30T09:35:00","modified_gmt":"2012-10-30T13:35:00","slug":"hungary-cuts-rate-by-25-bps-for-third-month-in-a-row","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex-news\/2012\/10\/30\/hungary-cuts-rate-by-25-bps-for-third-month-in-a-row\/","title":{"rendered":"Hungary cuts rate by 25 bps for third month in a row"},"content":{"rendered":"<p>By Central Bank News<br \/>\n&nbsp; &nbsp; Hungary&#8217;s central bank cut its base rate for the third month in a row by 25 basis points to 6.25 percent, a move that was expected by some economists.<br \/>&nbsp; &nbsp; The Magyar Nemzeti Bank said in brief statement that the new two-week deposit rate would take effect on Oct. 31. The overnight central bank deposit rate will be 5.25 percent and the rate on overnight collateralised loans will be 7.25 percent.<br \/>&nbsp; &nbsp; The central bank will issue a statement later, explaining its policy decision.<br \/>&nbsp; &nbsp; The central bank has been cutting rates this year, so far by 75 basis points, despite a rise in inflation to fight of recession.<br \/>&nbsp; &nbsp; The inflation rate rose to 6.6 percent in September, the highest since mid-2008, from 6.0 percent in August. The central bank targets inflation of 3 percent.<br \/>&nbsp; &nbsp; But Hungary&#8217;s economy contracted by 0.2 percent in the second quarter from the first, following a quarterly contraction of 1.04 percent in the first quarter, leaving the year-on-year contraction of 1.3 percent in the second quarter.<br \/>&nbsp; &nbsp; Last month the central bank said it expected inflation to remain above 3 percent for some time and only decline to its target in the second half of 2014.<br \/>&nbsp;&nbsp;<a href=\"http:\/\/www.centralbanknews.info\/\">www.CentralBankNews.info<\/a><br \/>&nbsp; <\/p>\n<div><img loading=\"lazy\" decoding=\"async\" width=\"1\" height=\"1\" src=\"https:\/\/blogger.googleusercontent.com\/tracker\/8290544642025682538-7813774395137312054?l=www.centralbanknews.info\" alt=\"\" \/><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Central Bank News &nbsp; &nbsp; Hungary&#8217;s central bank cut its base rate for the third month in a row by 25 basis points to 6.25 percent, a move that was expected by some economists.&nbsp; &nbsp; The Magyar Nemzeti Bank said in brief statement that the new two-week deposit rate would take effect on Oct. &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/forex-news\/2012\/10\/30\/hungary-cuts-rate-by-25-bps-for-third-month-in-a-row\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Hungary cuts rate by 25 bps for third month in a row&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-33212","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/33212","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/comments?post=33212"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/33212\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/media?parent=33212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/categories?post=33212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/tags?post=33212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}