At its meeting on 28 August, the Monetary Council reviewed the latest economic and financial developments and voted to reduce the central bank base rate by 25 basis points from 7.00% to 6.75%, with effect from 29 August 2012.
Central bank (NBH) Governor András Simor is quoted by the financial website portfolio.hu by saying at a press conference that there were two proposals, one to keep the base rate on hold and one to lower it by 25 bps. The latter was supported by a "close majority".
The Monetary Policy Council (MPC) said in a statement following the rate decision that "monetary policy can only be eased to the extent that supply shocks to the economy and the upward impact on prices of the Government’s measures do not lead to the build-up of second-round inflationary effects and perceptions about the Hungarian economy continue to improve."
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