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Press release on the Monetary Council’s meeting of 3 May 2004

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At its meeting on 3 May 2004, the Monetary Council considered the latest economic and financial developments and decided to reduce the central bank base rate by 50 basis points, from 12.00% to 11.50%. The decision will take effect on 4 May 2004.

The Council maintains its view that foreign investors’ assessment of the risks facing the Hungarian economy has improved in recent months, making it possible to reduce the earlier high risk premium.