Ratesetters Voted 7:2 for 100 bp Cut
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Members of the Monetary Council of the National Bank of Hungary (MNB) voted 7:2 for a 100-basis-point rate cut at a monthly policy meeting in February, according to the minutes released on the central bank's website this week.
Deputy Governor Barnabás Virág had said after the meeting on Feb. 27 that a "large majority" of the council members had supported the 100-basis-point cut, bringing the base rate to 9%, but there had also been backing for a 75-basis-point reduction.
Council votes on rates had been unanimous for years until the January policy meeting, when policymakers also voted 7:2, this time for a 75-basis-point cut.
The record of the vote at the February meeting shows Kolos Kardkovács and Gyula Pleschinger, two of the council's external members, voted for the 75-basis-point cut.
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