Hungary's MPC decisive in rate cut, doves say uncommitted to more cuts - minutes |
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Fri, 13 Jul 2007 13:58
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BUDAPEST (Thomson Financial) - Hungary's Monetary Policy Council (MPC) voted strongly in favour of a rate cut in June but doves said the decision does not commit them to back cuts in the future, minutes from the MPC's meeting showed today.The decision to cut the key policy rate by 0.25 pct to 7.75 pct was backed by 9 members of the council, while two voted for a hold and one for a cut of 0.50 pct.MPC members Peter Adamecz and Bela Kadar voted to hold the key rate at 8.0 pct while Tamas Banfi voted for a cut of 0.50 pct.However, doves warned that their backing for a cut in June did not mean that they were committed to further cuts in the future, according to the minutes.edward.krudy@thomson.comek1/ejp/ek1/jcs/ek1/ejpCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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One member of Hungary's monetary council voted for 0.5 pct rate cut in May 