Hungary's new central bank governor, the dovish György Matolcsy, has cut rates by 25 basis points to an all-time low of 5 per cent - a pretty orthodox move. Hungary's currency is one of emerging markets worst performers as markets have been concerned that prime minister Victor Orbán's unorthodox economic approach would spread to the central bank. Neil Buckley, the FT's eastern Europe editor, discusses with emerging markets editor, Stefan Wagstyl whether this cautious cut will help the forint.

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