William Jackson News
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Five years after Latvia posted the European Union’s fastest inflation this century, the Baltic country where wages are less than a quarter of Germany’s has got the green light to become the euro region’s 18th member.
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Poland’s currency remained weaker after the country’s central bank lowered interest rates by 25 basis points to boost a slowing economy, matching expectations of a majority of economists surveyed by Bloomberg.
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Tunisia’s central bank said it intervened in the country’s foreign exchange market this month to support the local dinar after it fell to a record low.
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Eastern Europe’s credit shortage is easing, though conditions will remain tight as lenders in the continent’s west pull back, according to Capital Economics Ltd.
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Hungary’s economy posted quarterly growth in the first three months of the year for the first time since 2011, supporting Prime Minister Viktor Orban’s quest to avoid European Union funding cuts.
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Yields on Polish government bonds plummeted to record lows and the zloty strengthened after Narodowy Bank Polski unexpectedly cut interest rates.
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Concern that emerging-market central banks are becoming less independent is unjustified, except in Hungary, where the new governor may implement the government’s “growth agenda,” Capital Economics said.
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Hungary’s central bank lowered its benchmark interest rate to a record as new President Gyorgy Matolcsy seeks to help the economy emerge from a recession with inflation near a 39-year low.
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The forint weakened for a fifth day, the longest losing streak since January, as Hungary’s central bank cut interest rates for a ninth month to a record- low 4.75 percent.
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Hungary should prepare for “tortuous” negotiations with the International Monetary Fund, even as a selloff in assets prompted officials to soften their tone about conditions attached to a possible loan, Capital Economics Ltd. said.
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