Here is the decision of the Hungarian Central Bank: the forint is soaring

Rate-setters at the Hungarian Central Bank decided to keep the base rate on hold at 13 percent at a regular policy meeting on Tuesday, the first such meeting this year.

The central bank did not change either end of the interest rate corridor, according to a statement posted on the MNB’s website. Before the decision, the market had expected no change in the base rate at 13 percent and no change at either end of the interest rate corridor.

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The Hungarian Central Bank, led by György Matolcsy, last raised the base rate on 27 September, napi.hu reports. Then, it tightened the interest rate by 125 basis points, following a 100 basis point increase in August. Following the ninth monthly meeting, the end of the base rate hike cycle was announced.