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Hungary Takes Pole Position for EU’s First Rate Hike of 2021
Hungary moved into pole position to implement the European Union’s first interest-rate hike since the pandemic as soaring inflation prompts policy makers to act in the bloc’s east. The nearby Czech Republic had been the EU’s most likely first mover until Hungarian central bank Deputy Governor Barnabas Virag said Monday that surging prices will be met by tighter monetary policy as soon as next month -- sparking gains in the forint. The bank should consider lifting its benchmark rate in June as part of a “data-driven” tightening cycle carried out in several steps, Virag told a briefing in Budapest. Even in ... (full story)