Hungary leaves Base Rate unchanged at 8.5%

By Richard Connell

New York, Oct. 20 - The Monetary Council of the Magyar Nemzeti Bank left its base rate unchanged at 8.5% at its meeting Monday, according to a press release.

The council of the Hungarian central bank noted that the global liquidity shortage had disturbed the domestic financial market.

The council also noted that it anticipated inflation falling further, continuing a recent trend caused by a domestic economic slowdown and the tightening of lending by domestic banks.

The council concluded that maintaining tight monetary conditions was necessary and left the base rate unchanged.

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