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Press release on the Monetary Council’s meeting of 23 May 2005

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23 May 2005

1.    At its meeting on 23 May 2005, the Monetary Council considered the latest economic and financial developments and decided to reduce the central bank base rate by 25 basis points, from 7.50% to 7.25%, with effect from 24 May 2005.

The Council decided to lower the central bank base rate by 25 basis points after taking account of the improved prospects for future inflation and an increase in indirect risks to the central path.

The minutes of the Council meeting will be published at 2 p.m. on 10 June 2005.

2.    At its meeting, the Council also discussed the May 2005 issue of the Quarterly Report on Inflation. Simultaneously with publication of the Report, the Council is releasing its own press statement.

MAGYAR NEMZETI BANK

Monetary Council