Hungarian Forint Drops After Central Banks Stays Put

The Hungarian forint fell today after Hungary’s central bank left all of its interest rates unchanged and promised to keep monetary policy accommodative for a long period of time.

The Magyar Nemzeti Bank left its main interest rate at 0.9%, keeping other rates unchanged as well. The bank said in its statement:

In the Council’s assessment, maintaining the loose monetary conditions for an extended period are necessary to achieve the inflation target in a sustainable manner.

That stance contrasted to the push towards tighter monetary policy showed by many other central banks, including banks of such Eastern European nations as the Czech Republic and Romania.

USD/HUF gained 0.33% to $255.51 as of 14:30 GMT today.

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