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Statement by the Monetary Council (1 September, 2003)

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Magyar Nemzeti Bank maintains base rate at 9.50%

At its meeting on 1 September, the Monetary Council considered the latest economic and financial developments and left the central bank base rate unchanged at 9.50%. The Council took particular notice of the fact that the forint exchange rate had returned to the EUR/HUF 250–260 range in recent weeks. The Magyar Nemzeti Bank deems the exchange rate moving between EUR/HUF 250–260 as necessary for policy purposes.