June 23, 2020 / 1:12 PM / 16 days ago

Hungary cbank flags reduction in one-week deposit rate

BUDAPEST, June 23 (Reuters) - Hungary’s central bank said on Tuesday a reduction in the interest rate on its key one-week deposit facility was justified after unexpectedly cutting its base rate by 15 basis points to 0.75%, the first such reduction in four years.

“The NBH will still set the one-week deposit rate at the weekly tenders. In the Council’s assessment, in the current macroeconomic environment a similar shift in the one-week deposit rate as in the base rate is warranted,” it said. (Reporting by Gergely Szakacs and Krisztina Than)

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