The Impact of Russia: No Jitters but No Rate Cut Either

HUNGARY - Report 17 Dec 2014 by Istvan Racz
Facts The turmoil about the Russian currency in recent days has not left the Hungarian forint and government bonds unaffected, but so far the negative impact has been moderate on both markets. The forint fell by close to 2% vis-à-vis the euro over the past two days, and a correction of similar size was recorded in government bonds as well. The MNB did not seem concerned at all after yesterday’s rate-setting meeting. Presenting the new inflation report, they maintained both the base rate at 2.1% and the view that their current policies will most likely take CPI-inflation to its 3% medium-ter...

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