mnb
July 19, 2010, 08:59 CET
Financial sector tax, independence of central bank sticking points with IMF
The government and a delegation from the International Monetary Fund (IMF) have serious differences on the issues of the extraordinary bank levy and a public sector pay cap that would cut the wages of the National Bank of Hungary governor... [read complete entry]
July 15, 2010, 10:08 CET
Cabinet rejects ECB warning over MNB pay cuts
The cabinet decided yesterday to proceed with plans to reduce the salary of National Bank (MNB) governor András Simor, along with those of other public officials, despite a warning from the European Central Bank (ECB) that such a move would... [read complete entry]
July 14, 2010, 09:41 CET
ECB warns government against cutting MNB salaries
The European Central Bank (ECB) has told the Hungarian government that draft legislation on the salaries of senior National Bank (MNB) officials "should be amended to comply with the principle of central bank independence" and that the MNB should be... [read complete entry]
July 06, 2010, 09:42 CET
PSZÁF head says banking tax should be viewed in context of other measures
Hungarian financial supervisory authority PSZAF should obtain the power to create regulations, Karoly Szasz, who was re-appointed as head of the financial market regulator on Thursday, told in an interview with MTI on Friday. The size of the planned banking... [read complete entry]
July 05, 2010, 10:22 CET
MNB chief's pay linked to average wage
The salary of the governor of the National Bank (MNB) would be capped at ten times the average gross wage according to draft proposals submitted to Parliament. The government's 29-point action plan included a proposal to limit the salaries of... [read complete entry]
June 30, 2010, 11:49 CET
Central banker says extraordinary tax to weaken Hungary's banks
The introduction of an extraordinary tax for banks -- especially its size -- will reduce banks' capital and liquidity reserves as well as their ability to withstand shocks, National Bank of Hungary deputy-governor Julia Kiraly told MTI on Tuesday. The... [read complete entry]
June 29, 2010, 09:00 CET
National Bank pushing plan to speed up forint money transfers
The National Bank of Hungary (NBH) has invited comments for its plan to limit the time for the completion of paperless money transfers to four hours starting July 1, 2012. The new limit would apply only to forint transfers. The... [read complete entry]
May 13, 2010, 09:37 CET
Matolcsy says Fidesz has contingency plan for any future global crisis
Any possible future global economic crisis will not affect Hungary because the incoming Fidesz government will have a contingency plan should a crisis emerge, Gyorgy Matolcsy, the incoming economy minister, told Wednesday's Magyar Nemzet daily. Matolcsy said in the interview... [read complete entry]
May 12, 2010, 08:22 CET
Matolcsy says tax-cut program could generate growth this year
Minister of National Economy-designate Gyorgy Matolcsy told the daily newspaper Nepszabadsag in an interview published on Tuesday that Hungary's economy could grow between 0.5pc-1.0pc this year if the new Fidesz-controlled government is able to implement the initial reforms contained in... [read complete entry]
May 11, 2010, 09:33 CET
Incoming economy minister criticises financial institutions
The economy minister-designate of Hungary's next government Gyorgy Matolcsy criticised the work of all financial regulators in state control in an interview printed in national daily Nepszabadsag on Tuesday. Matolcsy said that "the National Bank of Hungary has committed serious... [read complete entry]
May 11, 2010, 09:28 CET
Simor says foreign currency loan conversion costly
President of the National Bank of Hungary Andras Simor estimated it would cost hundreds of billions of forints to convert foreign-currency denominated loans to forint loans, as suggested by the incoming Fidesz government. Speaking on a late-night television programme on... [read complete entry]
May 10, 2010, 09:56 CET
Matolcsy plans to convert foreign-currency loans into forint loans
The next government will set up a fund to help those who have borrowed in foreign currency to convert their debts into forint loans, incoming Economy Minister György Matolcsy announced on Friday. Speaking on a TV2 morning news show, he... [read complete entry]
May 07, 2010, 11:34 CET
Simor 1, Orbán 0 as market jitters send Fidesz strikers cowering for cover
Well that was fast! It's been barely a week since leading members of the newly triumphant Fidesz launched what appears to be a major, coordinated campaign against Hungarian National Bank (MNB) president András Simor and it already seems like Simor... [read complete entry]
May 05, 2010, 09:49 CET
Senior Fidesz official cautions on central bank interference
Mihaly Varga, who will head the office of Hungary's next prime minister Viktor Orban, said on Wednesday that in the current global economic climate Fidesz should move carefully on the issue of the independence of the central bank. Varga told... [read complete entry]
May 05, 2010, 09:33 CET
PM-elect against merging central bank with financial watchdog
Merging Hungary's financial market regulator PSZAF and the National Bank of Hungary (NBH) would make no sense at the present time, Prime Minister-elect Viktor Orban said in a television interview on Monday. Mr Orban said there would be tax cuts... [read complete entry]
May 03, 2010, 10:17 CET
Value of new consumer loans reaches highest level since before crisis
The value of new forint-based consumer loans signed by Hungarian banks in March reached the highest level since before the crisis, the National Bank of Hungary's fresh rates report shows. The value of new HUF-based consumer loans reached HUF 20.8bn... [read complete entry]
April 29, 2010, 09:49 CET
Former minister accuses central bank governor of manipulating forint
Former minister in the first Orbán government Imre Boros accuses National Bank (MNB) governor András Simor of illegally influencing the exchange rate in today's Magyar Hírlap. "Weakening the forint only requires €20-30 million," Boros told the daily. "We could get... [read complete entry]
April 28, 2010, 09:41 CET
Nomura defends Simor against attacks by Fidesz
Global investment bank Nomura International has expressed concern over the attacks on National Bank (MNB) governor András Simor that two Fidesz politicians have made this week. Fidesz chairman Viktor Orbán said on Monday that "we would like to be proud... [read complete entry]
April 26, 2010, 02:42 CET
National Bank cuts base rate to historic low of 5.25%
The Monetary Council of the National Bank of Hungary decided at a meeting on Monday to lower the base rate by 25 basis points to 5.25 percent, in line with market expectations. The Council has cut the base rate a... [read complete entry]
March 29, 2010, 04:01 CET
Hungarian National Bank cuts base rate to historic low of 5.5%
The National Bank of Hungary's Monetary Council decided to reduce the base rate by 25bp to 5.50pc -- a new historical low -- at a meeting on Monday. The cut was in line with expectations, in light of inflation prospects... [read complete entry]
February 26, 2010, 09:59 CET
Finance minister says 2010 deficit target feasible if budget discipline is maintained
Finance minister Peter Oszko told MTI Thursday that Hungary's 2010 general government deficit target of 3.8pc of GDP is feasible if budget discipline is maintained. The finance minister added that meeting the 2011 target of 2.8pc will require further measures,... [read complete entry]
February 25, 2010, 11:59 CET
Hungary central bank sees budget deficit of 4.2% of GDP in 2010
Hungary's central bank has said that the budget deficit could reach 4.2 percent of gross domestic product this year, which could be reduced to around 4.0 percent if all reserves in the budget stay frozen. The budget shortfall is also... [read complete entry]
February 24, 2010, 10:13 CET
Central bank says foreign investors net sellers of Hungarian securities in Q4
Foreign investors held a total of HUF 8,650bn or EUR 32bn worth securities issued by Hungarian entities - 38.2pc of the total - at the end of 2009, the NBH said in its quarterly report on securities ownership structure on... [read complete entry]
February 23, 2010, 09:44 CET
Central bank forecasts 0.2% GDP decline, 4.4% CPI for 2010
The National Bank of Hungary (NBH) forecasts Hungary's GDP to inch down 0.2pc in 2010 and it puts average annual inflation for the year at 4.4pc, the bank said on Monday, citing the main figures of its fresh quarterly inflation... [read complete entry]
February 23, 2010, 09:35 CET
Central bank cuts base rate to 5.75%, a historical low
The National Bank of Hungary's Monetary Council decided to reduce the base rate by 25bp to 5.75pc - a historical low - at a meeting on Monday. The cut was in line with expectations, in light of inflation prospects, global... [read complete entry]
January 22, 2010, 02:31 CET
Hungarians sitting on sizable fortune in old forint banknotes
The Hungarian population has approximately Ft 15 billion (€55 million) worth of expired banknotes which can still be exchanged at face value in banks, penzcentrum.hu reports. According to the Hungarian National Bank, people are not in any rush to exchange... [read complete entry]
January 19, 2010, 09:49 CET
National Bank of Hungary to discontinue EUR/CHF swaps
The National Bank of Hungary on Monday said it would discontinue its EUR/CHF foreign exchange swaps as demand for the liquidity provided by the facility had declined and conditions on the Swiss franc funding market had improved. The NBH is... [read complete entry]
December 22, 2009, 09:33 CET
Analysts surprised by shallowness of rate cut by National Bank
Analysts were surprised that the National Bank of Hungary (NBH) elected to cut key-interest by only 25 basis points to 6.25pc on Monday afternoon. The NBH had been widely expected to cut interest rates by 50 basis points. Zoltan Adam... [read complete entry]
December 22, 2009, 09:20 CET
National Bank cuts base rate to 6.25%, expects growth to return by mid-2010
The National Bank of Hungary's (NBH) Monetary Council voted to lower the base rate by 25 basis points to 6.25 percent at a rate-setting meeting on Monday. Most analysts had expected a 50 basis point rate cut, especially after twelve-month... [read complete entry]
December 03, 2009, 12:09 CET
National Bank head says further rate cuts possible if outlook improves
The National Bank of Hungary could cut rates further if the inflationary outlook and the country's risk assessment allows, National Bank of Hungary (NBH) governor Andras Simor told Parliament's economy committee on Wednesday. The central bank is cautiously trying to... [read complete entry]
November 23, 2009, 06:20 CET
Hungarian National Bank cuts base rate to 6.50%, lowest since June 2006
The National Bank of Hungary's Monetary Council voted to lower the base rate 50bp to 6.50pc at a meeting on Monday, as expected by the market. The cut brought the rate to its lowest level since June 2006. At a... [read complete entry]
November 20, 2009, 10:25 CET
National Bank expected to ease rates on Monday
The National Bank (MNB) will lower the base rate from 7.0% to 6.5% on Monday and to 6.0% in December, according to the consensus of analysts surveyed by Reuters, Napi Gazdaság reports. Of the 23 analysts polled, only one said... [read complete entry]
November 16, 2009, 12:29 CET
National Bank chief says Hungary should speed through ERM-2 to euro
Hungary should spend as little time as possible in the ERM-2, the anteroom to the eurozone, before adopting the single currency in order to reduce vulnerability to attacks on the forint, National Bank of Hungary governor Andras Simor said at... [read complete entry]
November 16, 2009, 08:27 CET
Hungarian banks not expected to further tighten lending
Banks tightened the conditions for both retail and business loans further in the third quarter but will not continue do so in the upcoming six months, the National Bank of Hungary's quarterly lending survey shows. Demand for retail loans continued... [read complete entry]
October 27, 2009, 02:09 CET
National Bank vice-governor says more room for rate-cutting
Hungary's central bank vice governor said at the weekend there is still room for a further easing of monetary policy after a 50 basis-points cut -- altogether 250 basis points over the past four months -- to 7pc in the... [read complete entry]
October 20, 2009, 09:33 CET
Hungarian National Bank further trims base rate to 7%
The Monetary Council of the National Bank of Hungary (NBH) cut the central bank base rate by 50bp to 7.00pc at a meeting on Monday. The rate cut was in line with market expectations. In a statement published after the... [read complete entry]
October 13, 2009, 09:00 CET
National bank, police step up cooperation against forgers
National Bank of Hungary governor Andras Simor and national police chief Jozsef Bencze have signed an agreement to form a more effective cooperation against banknote forgery and the distribution of forged banknotes, the NBH said on its website. The earlier... [read complete entry]
October 07, 2009, 11:02 CET
National Bank governor makes global list of best central bankers
National Bank of Hungary (NBH) Governor Andras Simor is one of the best central bankers in the world, Global Finance magazine of New York said in its issue "The World's top central bankers 2009". On the table of just ten... [read complete entry]
October 05, 2009, 09:58 CET
Simor says National Bank to restrict FX loans
Hungary's central bank will take steps in the next few days with a view to restricting banks' foreign currency lending in order to reduce the associated risks to the country's financial system as well as to individual borrowers, Andras Simor,... [read complete entry]
September 29, 2009, 09:46 CET
National Bank cuts base rate to 7.50%, says growth could return in 2010
The Monetary Council of the National Bank of Hungary (NBH) cut the central bank base rate by 50bp to 7.50pc at a meeting on Monday. The rate cut was in line with market expectations. In a statement published after the... [read complete entry]
September 29, 2009, 09:25 CET
Budget deficit could fall below 4% of GDP, Simor says
If Parliament approves the 2010 budget bill as it was submitted by the government, Hungary's public finance deficit could fall under 4 percent of gross domestic product (GDP), National Bank of Hungary Governor Andras Simor said after a rate-setting meeting... [read complete entry]
September 24, 2009, 09:44 CET
Analysts see window of opportunity for rapid rate cut by Hungarian National Bank
A mix of improving macroeconomic, financial and external developments should open a "window of opportunity" for a rapid policy rate cut from the current 8pc to 5pc by as early as the first quarter of 2010, London-based emerging markets analysts... [read complete entry]
September 11, 2009, 11:12 CET
Analysts expect Hungarian National Bank to cut rates this month
Analysts expect Hungarian National Bank to cut rates this month Analysts polled in Friday's issue of business daily Vilaggazdasag expect National Bank of Hungary rate-setters to cut the base rate by 50bp to 7.50pc at a meeting on September 28.... [read complete entry]
September 08, 2009, 10:01 CET
Hungary, IMF agree to extend stand-by credit deadline
The IMF has announced that it will extend the deadline of its €5.2 billion credit line to Hungary by six months, to October 2010. The credit can be called in four equal payments. “Hungary will soon sign a similar contract... [read complete entry]
September 07, 2009, 11:05 CET
IMF standby loan deadlines to be extended
Details of talks on the next tranche of Hungary's SDR 10.5bn standby credit from the IMF with a delegation from the fund will be revealed at a press conference in the afternoon on Wednesday, the Finance Ministry told MTI. Finance... [read complete entry]
August 25, 2009, 09:54 CET
Hungarian central bank cuts base rate as expected
The Monetary Council of the National Bank of Hungary (NBH) cut the central bank base rate by 50bp to 8.00pc at a meeting on Monday. At a press conference following the meeting, NBH governor Andras Simor said the proposal to... [read complete entry]
July 28, 2009, 09:49 CET
Analysts see more gradual easing after surprise cut by Hungarian National Bank
Hungary's central bank responded to a significantly improved market sentiment by slashing a full 100bps from its base rate against a consensus that called for a 50bps cut, but the Monetary Policy Council is likely to proceed with its renewed... [read complete entry]
July 27, 2009, 03:12 CET
National Bank eases base rate to 8.5%; cut is twice that expected by markets
The Monetary Council of the National Bank of Hungary (NBH) cut the base rate by 100 basis points to 8.50 percent at a regular rate-setting meeting on Monday. The market broadly expected a 50 basis-point cut. The cut is the... [read complete entry]
July 23, 2009, 08:35 CET
Hungarian banks, leasing firms reject proposed "code of ethnics"
Representatives from banks and leasing companies rejected the National Bank of Hungary's proposed ethical code regarding responsible lending practices and moderation of risk involved in foreign-currency-denominated loans at a meeting on Tuesday, the business daily Napi Gazdasag reported on Wednesday.... [read complete entry]
July 15, 2009, 08:39 CET
London analysts say inflation no bar to lowering rates in Hungary
Hungary's latest set of CPI data suggests that inflation shouldn't be of particular concern to the central bank and monetary easing may resume as early as this month, London-based emerging markets analysts said after significantly better-than-expected consumer price figures for... [read complete entry]
June 23, 2009, 09:11 CET
National bank keeps rates on hold at 9.5%
The National Bank of Hungary's Monetary Council left the base rate on hold at 9.50 percent at a rate-setting meeting on Monday. The move was largely expected by markets. At two earlier meetings in May and June, a majority of... [read complete entry]
June 12, 2009, 10:04 CET
Socialist dismisses reports party wants to remove central bank chief
Tibor Kovacs, deputy parliamentary group leader for governing MSZP, dismissed a report on Thursday that the party wanted to see National Bank of Hungary governor Andras Simor removed from his post. Mr Kovacs told MTI he did not know anything... [read complete entry]
June 10, 2009, 10:44 CET
Hungarian National Bank official warns against premature rate-cutting
Recent signs of improving market sentiment must be carefully weighed before interest rates can be cut, the Deputy Governor of Hungary central bank told Reuters on Tuesday. Ferenc Karvalits told the news agency the bank must exercise caution since an... [read complete entry]
June 04, 2009, 12:16 CET
Analysts say Hungary's central bank likely to cut rates at next meeting
Signs are that the market expects Hungary's central bank will cut the base rate at its next rate-setting meeting on June 22, business daily Vilaggazdasag said on Thursday. With the key interest rate set at 9.50 percent, Hungary has one... [read complete entry]
May 29, 2009, 09:51 CET
Hungarian National Bank says local lending conditions expected to ease
Banks' willingness to lend continued to decline in the first quarter and lending conditions tightened, the latest survey of banks by the National Bank of Hungary shows, but banks' responses suggest lending activity could pick up in Q2 and Q3.... [read complete entry]
May 26, 2009, 09:38 CET
Pressure mounts on central bank to further ease rates
Hungary's monetary policy has come under increased scrutiny recently, national daily Nepszava said on Tuesday. Decisions on the base rate are always finely balanced, said the paper. The current problem is that low rate will not provide a sufficient risk... [read complete entry]
May 26, 2009, 09:24 CET
National Bank keep base rate at 9.5%; decision in line with expectations
The National Bank of Hungary's Monetary Council left the base rate on hold at 9.50pc at a rate-setting meeting on Monday. The move was largely expected by markets. An overwhelming majority of the Monetary Council voted to keep the rate... [read complete entry]
May 26, 2009, 09:08 CET
Central bank sees GDP drop of 6.7%, 4.5% inflation in '09
Hungary's central bank raised its forecast for economic contraction to 6.7 percent and its inflation projection to 4.5 percent for this year in the abbreviated version of an inflation update published on Monday. In its earlier report the bank forecast... [read complete entry]
May 14, 2009, 05:08 CET
Central banker warns big interest rate cut would cause forint crash
A big cut in Hungarian interest rates would lead to a currency crisis, deputy chair of the central bank Julia Kiraly said at a conference on Thursday. The Monetary Council of the central bank voted unanimously on April 20 to... [read complete entry]
May 14, 2009, 10:48 CET
PM says government to plan for deeper recession
Hungary's government will modify the macroeconomic track within the upcoming weeks to fit predictions of deeper economic recession, Prime Minister Gordon Bajnai told online news portal index.hu on Wednesday. Bajnai, whose tax bill including a VAT hike and cuts in... [read complete entry]
May 11, 2009, 09:47 CET
Central Bank calls for cautious rate-setting policy
The Monetary Council of the National Bank of Hungary called for a cautious, wait-and-see policy in future rate decisions, the minutes of their April 20 rate-setting meeting published on Friday said. The Council voted unanimously to keep rates on hold... [read complete entry]
April 21, 2009, 08:59 CET
Analysts see national bank torn between weaknesses of economy, forint
Forecasts by City-based analysts for Hungary's monetary path going forward seem to be torn between factoring in the steep slump in the real economy and HUF volatility, with rate cuts and rate hikes both appearing in possible future scenarios after... [read complete entry]
April 21, 2009, 08:54 CET
National Bank keeps rates on hold at 9.5%
The Monetary Council of Hungary's central bank (NBH) left the base rate on hold at 9.50 percent at a rate-setting meeting on Monday.... [read complete entry]
April 20, 2009, 10:52 CET
Analyst warns planned VAT hike could increase inflation to 7%
Inflation will rise from 3% to 7% due to the VAT hike announced in the Bajnai package, meaning that the National Bank (MNB) will be forced to increase its base rate, K&H Bank analyst György Barcza said.... [read complete entry]
April 14, 2009, 09:16 CET
National Bank chief pushed for jump in base rates, meeting minutes reveal
While the majority of National Bank of Hungary rate-setters voted to keep the bank's base rate on hold at 9.5 percent at a meeting on March 23, some of them, including central bank president Andras Simor, voted for a 100... [read complete entry]
April 09, 2009, 10:11 CET
MNB official says Hungary's banks have sufficient capital, but risks remain
Hungarian banks have an average capital adequacy ratio of about 11 percent, which is sufficient, a central bank official said on Wednesday.... [read complete entry]
April 07, 2009, 08:06 CET
National bank warns funding cut could threaten Hungary's economic stability
An excessive decline in the funding of Hungarian companies and banks would lead to a deeper and longer economic downturn and increase risks to Hungary's financial stability, the Monetary Council of the National Bank of Hungary said in a statement... [read complete entry]
April 02, 2009, 09:49 CET
Forint lifted by talk of ECB intervention
Eastern European currencies, including the forint, posted strong gains on the interbank market yesterday on speculation that the European Central Bank (ECB) may intervene and buy regional currencies to limit their decline.... [read complete entry]
March 23, 2009, 04:14 CET
National Bank keeps base rate on hold at 9.5%
The National Bank of Hungary's Monetary Council left the base rate on hold at 9.50pc at a rate-setting meeting on Monday.... [read complete entry]
March 18, 2009, 02:58 CET
When will forint bailout run out of euro buckets?
With the euro/forint rate having seemingly settled into a relatively narrow band around Ft 300/€, there has been a lot less howling about the strength of the Hungarian currency, which is of crucial importance to the millions of households and... [read complete entry]
March 17, 2009, 08:38 CET
Report shows banks in Hungary cut lending sharply
Retail lending by Hungarian banks fell sharply in the second half of 2008, according to a report by Hungary's central bank published on Monday.... [read complete entry]
March 12, 2009, 08:50 CET
Simor says no outflow of capital from Hungarian banking system
There has been no outflow of capital from the Hungarian banking system since October, rather there was an inflow of capital, National Bank of Hungary governor Andras Simor said at a conference on Wednesday.... [read complete entry]
March 11, 2009, 07:49 CET
Central Bank president says longer wait for reform will increase "bloodletting"
The longer Hungary waits to start changes, the greater the "bloodletting" society will have to suffer and the longer the instability will be, National Bank of Hungary governor Andras Simor said on Tuesday.... [read complete entry]
March 09, 2009, 01:39 CET
Hungarian National Bank vows to prevent deeper forint plunge
The National Bank of Hungary (NBH) will encourage an increased use of recently introduced forint- and foreign-currency liquidity instruments, begin to sell EU resources on the market and is prepared to employ the full range of monetary tools at disposal... [read complete entry]
March 02, 2009, 07:25 CET
Corporate lending in Hungary drops sharply in January
The value of new corporate lending, both forint and euro-based, fell sharply in January compared to the previous month, the latest National Bank of Hungary monthly rates report shows.... [read complete entry]
February 24, 2009, 09:37 CET
MNB joins regional central banks in push to defend currencies
Hungary's central bank is ready to act if necessary to prevent disruptive movements in the forint's exchange rate, a statement by the National Bank of Hungary (NBH) said on Monday.... [read complete entry]
February 23, 2009, 04:08 CET
Hungarian National Bank says recession to continue into 2010
The central bank expects Hungarian GDP to fall a further 0.5pc in 2010, after a drastic 3.5pc decline this year, according to the February inflation report and basic GDP forecast published on the National Bank of Hungary (NBH) website on... [read complete entry]
February 16, 2009, 08:27 CET
National Bank not expected to ease further as Hungary officially enters recession
Fourth-quarter GDP data published early Friday show Hungary entered a recession in the second half of 2008, analysts told MTI. In spite of the contraction and falling inflation -- revealed by January CPI, also published Friday -- the National Bank... [read complete entry]
February 12, 2009, 11:40 CET
Hungarian National Bank to lay off 14% of staffers as part of efficiency drive
The National Bank of Hungary will lay off 91 employees -- 14pc of its entire staff -- in 2009 and 2010 as part of an efficiency-improvement programme, news portal Index.hu reported on Wednesday.... [read complete entry]
February 09, 2009, 02:11 CET
National Bank head warns further rate cuts could hit forint
National Bank of Hungary (NBH) Governor Andras Simor said on Sunday that central-bank instruments must be used only with great prudence, and further NBH rate-cuts could further weaken the forint.... [read complete entry]
February 04, 2009, 10:51 CET
Central Bank chief says MNB to fight forint volatility
National Bank of Hungary governor Andras Simor on Tuesday said the central bank considers the excessive volatility of the forint harmful and would add new elements to its existing tools to diminish this volatility.... [read complete entry]
February 03, 2009, 08:44 CET
Hungarian PM, Central Bank chief meet over plunging forint
The government is concerned over the fast weakening of the forint and will work with the central bank on finding way to ease the problem, Prime Minister Ferenc Gyurcsany said after meeting central bank president Andras Simor on Monday.... [read complete entry]
January 26, 2009, 09:49 CET
Forint breaches 290/€ barrier in Friday trade
The forint weakened to Ft 291.1 per euro on Friday, sinking below the previous record low of Ft 288.9 per euro.... [read complete entry]
January 22, 2009, 09:28 CET
Simor warns on deepening recession, excessive rate cuts
Hungary's economy is likely to contract by more than 2.5 percent in 2009, central bank (NBH) governor Andras Simor said on Wednesday.... [read complete entry]
January 21, 2009, 10:06 CET
Analysts say forint weakness could limit rate cuts below 8.5%
The National Bank of Hungary is likely to continue to bring rates down to the level before an extraordinary 300bp rate rise in October, but City analysts say the easing campaign could stop there because of the recent weakening of... [read complete entry]
January 20, 2009, 07:12 CET
National Bank eases rates by half-point in fourth easing since big October hike
The Monetary Council of the National Bank of Hungary (NBH) discussed three options -- a 50bp, a 75bp and a 100bp cut -- at its rate-setting meeting on Monday, NBH deputy governor Ferenc Karvalits told the press after the meeting... [read complete entry]
December 23, 2008, 09:00 CET
National Bank eases base rate to 10%; more cuts seen on way
The National Bank of Hungary's (NBH) Monetary Council decided to cut the key central bank base rate by 50bp to 10.00pc at a rate-setting meeting on Monday.... [read complete entry]
December 17, 2008, 10:07 CET
New bill to expand powers of financial supervisor
Hungary's government will submit a proposal before the year end to expand the powers of the Hungarian Financial Supervisory Authority (PSZAF), Prime Minister Ferenc Gyurcsany said on Tuesday.... [read complete entry]
December 15, 2008, 03:01 CET
Head of IMF delegation says room for more rate cuts
The International Monetary Fund (IMF) believes that the National Bank of Hungary's recent rate cuts have been appropriate, reflecting the fall in projected inflation and the stability of the exchange rate, James Morsink, head of an IMF's delegation to Hungary... [read complete entry]
December 12, 2008, 10:14 CET
Central bank chief says surprised by sharp drop in inflation
Hungary's central bank (NBH) and the markets were taken by surprise after the sharp drop in the November inflation rate, the bank's president Andras Simor said on Thursday.... [read complete entry]
December 09, 2008, 08:53 CET
Analysts see further easing from MNB after surprise Monday cut
Hungary may well see another rate cut at this month's regular Monetary Policy Council meeting even after a surprise 50bps easing announced on Monday, London-based emerging markets analysts said.... [read complete entry]
December 08, 2008, 03:14 CET
National Bank cuts key rate by .5%, to 10.5%
The Monetary Council of the National Bank of Hungary cut the base rate 50bp to 10.50pc at a non-rate setting meeting on Monday, the bank said.... [read complete entry]
December 03, 2008, 12:47 CET
Simor says '08 deficit could fall below 3% of GDP; current interest rate unjustified
The present rate of inflation in Hungary does not warrant keeping the base rate at its current level of 11.00pc, National Bank of Hungary (NBH) Governor Andras Simor said at a meeting of the Hungarian Association of Industrialists and Employers... [read complete entry]
November 25, 2008, 07:33 CET
MNB forecasts GDP contraction of up to 2% in 2009, twice government's estimate
In its latest Inflation Report the National Bank of Hungary forecasts Hungary's GDP will contract by 1.7-2.0pc in 2009, according to workday-adjusted figures.... [read complete entry]
November 24, 2008, 02:33 CET
Hungarian National Bank cuts key rate by half a percentage point
The National Bank of Hungary's (NBH) Monetary Council decided to cut the key rate by 50bp to 11.00pc at a rate-setting meeting on Monday.... [read complete entry]
November 19, 2008, 12:43 CET
Opposition head demands interest rates be cut "immediately and radically"
The main opposition Fidesz party called on the central bank and on the government to "immediately and radically" reduce the base interest rate, Fidesz leader Viktor Orban told a regional news portal on Tuesday.... [read complete entry]
November 03, 2008, 12:29 CET
MNB governer says Hungary more like US than Iceland
In a seemingly frank interview with German business daily Handelsblatt (in German), Central Bank (MNB) Governor András Simor accepted collective responsibility for Hungary's current predicament, before confidently asserting that state finances and inflation could be curbed with in the next... [read complete entry]
October 27, 2008, 07:51 CET
Analysts say sudden rate hike unlikely to boost Hungarian stocks
The Monetary Council's Wednesday decision to raise Hungary's base rate 300bp to 11.5pc will not affect the value of shares traded at the Budapest Stock Exchange, analysts polled by MTI said on Wednesday.... [read complete entry]
October 22, 2008, 11:12 CET
Hungarian central bank makes dramatic hike of base rate to 11.5%
The rate-setting Monetary Council of the National Bank of Hungary (MNB) raised its base rate from 8.5 percent to 11.5 percent at an extraordinary meeting on Wednesday.... [read complete entry]
October 22, 2008, 11:08 CET
National Bank chief rejects association with Iceland, says ECB line will go unused
National Bank of Hungary (NBH) president Andras Simor told television station CNBC on Wednesday that any comparison between Hungary's economic and financial situation and that of Iceland was entirely unfounded and unjustified.... [read complete entry]