Hungary lowers benchmark interest for third time within one month

Special Report:Global Financial Crisis

BUDAPEST, Dec. 22 (Chinese media) -- Hungary's benchmark interest will be lowered to 10 percent from the current 10.5 percent as from Tuesday, announced the authorities Monday.

This is the third such move taken by the country since Nov. 24. The previous two also cut the rate by 0.5 percent each.

The decision was made after a voting by members of the monetary committee, Simor Andras, president of the country's central bank, told a press conference.

The central bank is likely to further lower the benchmark interest according to Hungary's financial situation, he said.

He predicted that the country's inflation rate would continue to drop even to lower than 3 percent.