The National Bank of Hungary (MNB) cut its benchmark interest rate to 12 per cent, down from 12.25 per cent, the second such cut in two weeks. MNB president Zsigmond Jбrai said the inflation target for the end of2005 can be achieved with lower interest rates.
Hungary’s GDP growth will accelerate to 3.2 per cent in 2004 and 3.4 per cent in 2005 compared to an overall forecast for the EU of 2.0 per cent and 2.4 per cent for the same period, according to the European Commission’s Spring Economic Forecasts report.
Source: Budapest Business Journal
