By bne IntelliNews The Hungarian National Bank (MNB) reduced the base rate by 25bp to 6.75% on July 23 in line with market expectations and aligning with the previous rate decision. The central bank is likely to carry out 1-2 more rate cuts this year, bringing the rate to 6.25-6.50%, which would still be the highest among its CEE peers. The O/N deposit rate was cut to 5.75% and the O/N collateralised loan rate to 7.75%. Policymakers cited the improving global risk appetite for the monetary easing. They said this was due to the recent fiscal adjustment of the government, set to reach 0.6% of GD…