Forint Pares Loss After Central Bank Cuts Key Interest Rate
- Hungary central bank in EU’s first interest-rate cut of 2023
- Orban says Ukraine can’t win war on battlefield, opposes aid
Viktor Orban at the Qatar Economic Forum in Doha, Qatar, on May 23.
Photographer: Christopher Pike/BloombergThis article is for subscribers only.
Hungary’s forint pared losses after the nation’s central bank cut interest rates, calming a slump caused by a split with the European Union over Ukraine.
The forint trimmed earlier losses of as much as 0.9% against the euro — the biggest among emerging markets on Tuesday — after the central bank lowered its overnight interest rate by a full percentage point to 17%. While that was expected by economists, it signals the start of an end to an emergency policy regime.