Monetary Tightening To Protect Currency

December 2008
Emerging Europe Monitor: Central Europe & Baltic States;Dec2008, Vol. 15 Issue 12, p1
Country Report
The article reports that monetary policy in Hungary will be tightened in order to protect the Hungarian forint (HUF). The National Bank of Hungary (NBH) implemented an emergency 300 basis points (bps) rate hike to prevent a banking crisis caused by exposures to foreign currency lending. The tightening decreased forecasted real gross domestic product (GDP) growth in 2009 to 0.4 percent.


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