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Gov’t rejects opposition proposal for immediate forint conversion of FX loans, citing HUF 1 trillion cost

The government rejects the idea that foreign currency loans could be immediately converted to forints because doing so would stall the economy, State Secretary Zoltan Csefalvay said in parliament on Monday, in response to a question by a Jobbik lawmaker. [more]

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Hungary industrial output drops 2.1 percent in May, export growth slows

Output of Hungary’s industrial sector dropped an annual 2.1 percent in May, according to unadjusted data, after increasing by 5.3 percent in April, the Central Statistical Office (KSH) said in a final reading on Friday. [more]

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Forint hits yearly high as National Bank cuts rate to historic low [2]

The rate-setters of Hungary’s central bank on Tuesday cut the base rate by another 25 basis points to 4.5 percent, the tenth consecutive quarter-point cut. Just ahead of the announcement of the cut, which brought the rate to a record low, the forint traded at 286.78 per euro. The last time the Hungarian currency hit such a high against the single currency was in the third week of December last year. [more]

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Leading economist probes past, mulls future of Hungary’s crisis [1]

The roots of Hungary’s economic crisis go back to 2006 rather than arising from the global one of 2008, economist Tamas Mellar told a conference on Monday. In 2002-2008 the country’s economy was imbalanced, Mellar said at the annual meeting of the Hungarian Franchise Association. Its economic output grew by 4 percent a year yet more than half of this growth was funded from external sources, compared with 1-2 percent from internal ones, he said. [more]

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Hungary’s budget deficit for 2012 comes in below 2% of GDP

Hungary’s budget deficit came to 1.9 percent of gross domestic product (GDP) in 2012, well under the 4.0 percent average for all European Union member states, data compiled by Eurostat showed. Hungary’s budget deficit was the seventh lowest in the European Union. [more]

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Matolcsy: We’ve only just started changing Hungary’s monetary policy

The renewal of Hungarian monetary policy has “only just begun,” Gyorgy Matolcsy, the new governor of the National Bank of Hungary (NBH), told MTI in an exclusive interview. Price stability and financial stability are “fine” but the operation of the domestic financial system is too costly, Matolcsy said in his first interview since taking up his new post just over a month ago. [more]

Hungary’s new euro convergence plan projects faster growth, smaller deficit – but slower euro adoption

Hungary’s updated convergence plan forecasts faster growth and more reductions to the budget deficit between 2013 and 2016, the Economy Ministry said on Tuesday. Meanwhile, the economy minister said it would be a long time before Hungary would be able to meet the criteria for joining the euro zone. [more]

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