The Hungarian forint, which suffered severe losses as its country plunged in one of the deepest recessions among the European Union member nations, reached a six-month high after the Hungarian tax system will change in order to stimulate the country’s agonizing economy.
Magyar Nemzeti Bank (Hungarian Central Bank) decided today during the Monetary Council’s meeting to hold the main refinancing interest rate at the same level – 7.50%, after the last cut made from 7.75% by MNB on September 25.
Hungarian central bank, Magyar Nemzeti Bank (MNB), will probably find it necessary to bring an end to the limits of the euro/forint rate maximum change (which is at 15% currently) after country’s inflation report for November showed 7.1% growth, while the target inflation rate is just 3.0%.
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