FROM SCRATCH NEWSWIRE

SCAVENGING THE INTERNET

CENTRAL BANK PRESIDENT SURPRISED AT LOW NOVEMBER INFLATION DATA (Hungary)

Posted by Gilmour Poincaree on December 12, 2008

12 December 2008, Friday

MTI – THE HUNGARIAN NEWS AGENCY

PUBLISHED BY ‘THE HUNGARIAN NEWS AGENCY’

Budapest, December 11 (MTI) – Hungary’s central bank (NBH) and the markets were taken by surprise after the sharp drop in the November inflation rate, the bank’s president Andras Simor said on Thursday.

Annual consumer price inflation slowed to 4.2 percent in November from 5.1 percent in October, the Central Statistical Office (KSH) said on Thursday.

Analysts in the latest Reuters poll and those surveyed by the business daily Napi Gazdasag put November CPI at 4.8 percent while the average estimate of London-based emerging markets analysts polled by MTI-Econews was 4.58 percent.

Simor told a conference that the bank would nevertheless pursue a cautious interest rate policy and convince foreign investors that the bank is aware of the risks of cutting interest rates.

Simor added that were foreign investors to stay away from the Hungarian government securities market in 2009, funds from the IMF loan package would be available to finance Hungary’s external debt expiries.

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PUBLISHED BY ‘THE HUNGARIAN NEWS AGENCY’

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