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Statement on the Monetary Council meeting held on 12 November 2001

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At its extraordinary meeting today, the Monetary Council of the National Bank of Hungary decided to reduce the central bank base rate by 50 basis points with effect from 13 November 2001.

Based on the Council's evaluation, domestic price inflation at end-2001 will be around 7%-8%, in accordance with the Bank's earlier forecast, and the inflation target for 2002 can be met. As a consequence of the international reduction in official interest rates, the risk premium on forint-denominated investments has increased significantly recently, and the required risk premium has fallen, continuing the trends of earlier periods. The Council has taken the opportunity provided by these developments to lower the central bank base rate.