HenryTo
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Joined: 06 Aug 2004
Posts: 11735
Location: Los Angeles, California
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 Posted: Sun Jul 01, 2007 11:21 pm Post subject: Hungary's Interest Rate Is Lowered Unexpectedly |
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I had forgotten to mention this last week. Note that 80% of all recent home loans in Hungary is dominated in the Swiss Franc:
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Hungary: Interest Rate Is Lowered Unexpectedly
By BLOOMBERG NEWS
Published: June 26, 2007
Hungary’s central bank unexpectedly cut its benchmark interest rate, the European Union’s highest, for the first time since 2005 after inflation slowed. Policy makers, led by the central bank’s governor, Andras Simor, left, cut the two-week deposit rate a quarter-point, to 7.75 percent, after holding it since October. A leveling of wage growth also persuaded rate setters to lower borrowing costs, Mr. Simor said. Hungary’s annual inflation rate has quadrupled in the last year as Prime Minister Ferenc Gyurcsany’s government raised taxes and utility bills. Inflation excluding food and energy prices slowed for a second month in May, and an easing of pressures in the labor market reduced concern that prices would rise faster than the inflation target in the medium term. |
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