Hungary cuts base rate to new record low

BUDAPEST, June 24 (AFP): Hungary's central bank cut its main interest rate to a record low 2.30 per cent on Tuesday, the latest in a lengthy easing cycle despite a warning from the IMF.
Earlier this month, the International Monetary Fund said Hungary should keep its base interest rate on hold to avert any negative impacts from global market uncertainties.
Most other central banks in Central Europe have already stopped cutting borrowing costs, and the IMF said further rate cuts could be risky to the country's bond markets. The widely expected 10-basis-point trim from 2.4 per cent, announced on the central bank's website, was the 23rd monthly cut in a row since August 2012 when the rate was 7.0 per cent.