Hungarian National Bank joining the list of rate cutters/easers
- base rate to remain unchangedat 1.35%
- effective tomorrow ( Friday)
- interest rate on o/n depos to be 0.1%, interest charged on o/n credit to be 2.1%
- ready to take further measures if banks' adjustments do not match goals
- will provide collateralized credit instruments for banks with shorter maturities than previously
The initiative is part of the central bank's efforts to squeeze funds parked by local banks out of central bank facilities and into govt debt