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Hungary central bank keeps rates unchanged, says policy to remain accommodative

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Hungary central bank keeps rates unchanged, says policy to remain accommodative

Hungary's central bank kept interest rates unchanged on Sept. 24 and said monetary policy will remain accommodative as weakening external activity is further restraining the pace of inflation.

Magyar Nemzeti Bank maintained its base rate, the overnight collateralized lending rate and the one-week collateralized lending rate at 0.90%, and the overnight deposit rate at negative 0.05%.

"The downside inflation risks have strengthened further, reflecting the effects of the slowdown in European economic activity," the bank's Monetary Council said in a press release.

The central bank said the country's consumer price index came in line with its expectations during the summer months, with headline and core inflation standing at 3.1% and 3.7%, respectively, in August.

"However, underlying inflation developments were significantly lower than expected," the bank said. "This was mainly attributable to the slowing price dynamics of industrial goods."