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Hungarian central bank keeps interest rates unchanged

Hungary's central bank, Magyar Nemzeti Bank, maintained its base rate at 0.90% and the overnight deposit rate at negative 0.15%.

The central bank also maintained its overnight and one-week collateralized lending rates at 0.90%.

Inflation edged up to 3.6% and core inflation rose to 2.4% in September, driven by higher excise taxes on tobacco products and a sharp rise in fuel and unprocessed food prices. In a statement, the bank said it expects "core inflation excluding indirect tax effects will remain stable around 2.5 percent" this autumn.

The central bank expects to hit its 3% inflation target starting in mid-2019.

"Looking forward, the Bank will adjust monetary conditions necessary to achieve the inflation target in a sustainable manner by creating an optimal combination of two of its instruments: the stock of swap instruments providing forint liquidity and the interest rate corridor," the bank said.