National Bank of Hungary (NBH) rate-setters could make one or two more cuts in an easing cycle started almost two years ago, deputy governor Ádám Balog has told portal Vs.hu. “At the moment I see the possibility of cutting a further one or two times, and that would be about all that would be necessary for the NBH to meet its primary goal,” Balog said. Because the NBH has no interest rate target, the decision will be motivated by the fulfilment of the central bank’s inflation-targeting system, he said, adding that a change in environment could also affect rate-setters’ assessment of things. Balog dismissed suggestions that further rate cuts would only be symbolic. “Every basis point counts,” he said, noting the importance of just 5-10 basis points to an investor or to a business taking out a loan. Another NBH deputy governor, Ferenc Gerhardt, said rate-setters were “very close” to the end of the easing cycle, which was likely to end at some point above 2%. The NBH’s Monetary Council decided in June to cut the base rate by 10 basis points to 2.3%.