The National Bank of Hungary (NBH) has not shrugged off the cause of an abrupt forint weakening before the announcement of its rate decision on Tuesday and said the misleading information will be subject to further inquiry.
At 13:54 CET, six minutes before the central bank’s announcement of the outcome of its monthly rate meeting, Bloomberg published a headline saying the NBH cut its base rate to 1%, which would have been the result of a 400-basis-point reduction. As a response to the news the forint eased by 2.5 units versus the euro.
“The central bank is deeply concerned that a news agency published strongly misleading information concerning today’s interest rate decision before the official publication time," the NBH has said in a statement.
“The central bank urges the news agency to take decisive measures in order to avoid similar misinformation in the future. The financial market volatility that temporarily emerged after the misleading information had been published is subject to further inquiry," it added.
The Monetary Council of the NBH lowered the bank’s key policy rate by 25 bps to a new record low of 4.75% yesterday.
Charting is displayed using TradingView's technology, a platform, where you can build advanced charts,
spot upcoming trends in the stock screener, and find inspiration in multiple trading ideas
