Hungarian Forint Shows Little Gain Against Greenback After Key Rate Report
April 26 2010 - 12:00PM
RTTF2
The Hungarian Currency showed little gain against its US
counterpart following the announcement of Hungarian central bank
key interest rate decision in New York morning trading on
Monday.
The Hungarian central bank on Monday lowered its key interest
rate for a tenth straight month to contain inflation, which is
above the bank's medium term target.
The Magyar Nemzeti Bank cut the base rate by 25 basis points to
5.25%, effective from April 27. In March, the central bank had made
another 25 basis points cut from 5.75%. The central bank has made a
cumulative reduction of 425 basis points since July last year. The
new overnight central bank deposit rate is 4.25% and overnight
collateralized loan rate is 6.25%.
The decision came a day after Hungary's conservative opposition
party Fidesz won two-third majority in general elections, ending
eight years of Socialist rule. The party secured 263 seats out of
386 in parliament. The Prime Minister elect Fidesz leader Viktor
Orban, who ruled the country between 1998 and 2002, has pledged to
create employment and to lower tax burden.
The forint that closed last week's closing value of 196.86
versus the greenback, rose to 197.07 by about 11:30 am ET.
US Dollar vs HUF (FX:USDHUF)
Forex Chart
From Nov 2024 to Dec 2024
US Dollar vs HUF (FX:USDHUF)
Forex Chart
From Dec 2023 to Dec 2024
