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Hungarian central bank keeps base rate unchanged

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Hungarian central bank keeps base rate unchanged

Hungary's central bank left its base rate unchanged at 0.90%, in line with expectations.

Magyar Nemzeti Bank kept its overnight deposit rate at negative 0.15% and maintained both the overnight and one-week collateralized loan rates at 0.90%.

Analysts had expected the central bank to maintain its policy approach as the consumer price index rose 2.3% year over year, near the bottom of the bank's 2% to 4% target range.

"Like Poland, Hungary's central bank has retained a very dovish stance. ... We see steady rates well into 2019," Brown Brothers Harriman said in a research note. "Also like Poland, we believe Hungarian policymakers are fine with a weaker currency even as both [the Hungarian forint] and [the Polish zloty] made multi-year lows against EUR this week."