Hungary central bank cuts rates further to help economy

BUDAPEST Tue Sep 25, 2012 5:37pm IST

A statue of Ganesh, the deity of prosperity, is carried in a taxi to a place of worship on the first day of the ten-day-long Ganesh Chaturthi festival in Mumbai August 29, 2014. REUTERS/Danish Siddiqui

Ganesh Chaturthi Festival

During Ganesh Chaturthi idols will be taken through the streets in a procession accompanied by dancing and singing, and will be immersed in a river or the sea in accordance with Hindu faith.  Slideshow 

BUDAPEST (Reuters) - Hungary's central bank cut interest rates by a quarter percentage point on Tuesday, delivering its second rate cut in just four weeks to aid the recession-hit economy.

The bank reduced its base rate to 6.5 percent in line with positioning in local markets but -- similarly to last month -- in contrast with analysts' median forecast for steady rates in a Reuters poll.

Central bank Governor Andras Simor will hold a news conference about the decision at 1300 GMT, when the bank will also release key forecasts from its fresh quarterly inflation report.

(Reporting by Krisztina Than/Gergely Szakacs)

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