The Hungarian Banking Association cannot accept the ultimatum given to financial institutions by the government, because the banks cannot solve the problem of foreign currency mortgages on their own, without a contribution by the state.

Hungary ranks 63rd - three places worse than last year - on the World Economic Forum’s Global Competitiveness Index (GCI 2013-2014), which features a record number of 148 economies. This puts Hungary to the 24th place in the 28-member EU.

Hungary repaid its outstanding SDR 1.9 billion (EUR 2.15 bn) debt to the International Monetary Fund (IMF) on August 12. The governing party welcomes the move while the opposition considers it a costly communication bluff.

The Hungarian European Business Council, incorporating the most important international companies present in Hungary, has published its 15th annual report, calling on the Hungarian government to create "confidence and credibility."

EU finance ministers decided to endorse the European Commission’s recommendation of May 29 to abrogate the excessive deficit procedure (EDP) for Hungary. The country has been in the EU’s fiscal cuffs since its accession to the bloc in 2004.

'Our approach has always been to help foster bilateral economic relations,” the President of the now 5-year-old Hungarian-Bulgarian Chamber of Commerce, Rossen Tkatchenko explains in a recent interview published in Diplomacy & Trade.

The Hungarian government has announced additional fiscal adjustment measures to avoid the reopening of the excessive deficit procedure (EDP) against the country once EU finance ministers agree to abrogate the EDP for Hungary.

The Hungarian-Israeli Joint Economic Committee met for the second time in Jerusalem on May 29 to discuss the possibilities of developing cooperation between the two countries. The first meeting of this Joint Commission was held in 2009, in Budapest.

The Hungarian Minister of National Economy Mihály Varga announced that in order to ensure that the European Commission’s excessive deficit procedure against the country is lifted, the government will freeze HUF 92.9 billion in the 2013 budget.

Deputy Governor of the National Bank of Hungary (MNB), Júlia Király submitted her resignation on Monday. She also resigns as member of the Monetary Council. She wishes to protest against recent changes at the national bank.

The National Bank of Hungary (MNB) has announced on Thursday that its Monetary Council discussed the possible means of fostering economic growth and launches the Funding for Growth Scheme (FGS) of the Bank to boost the economy.

The Monetary Council of Hungary’s central bank (MNB) has decided to lower the base rate by 25 basis points to an all-time low of 5.00% on Tuesday, in line with the market’s call. It was the first rate setting under newly appointed Governor György Matolcsy.

The Hungarian government is planning to impose a new tax, according to a bill on meteorology. The ‘service fee’ would be 0.5% of the annual advertising revenues of any media - irrespective of whether they broadcast weather forecasts/reports or not!

Hungary’s Economics minister György Matolcsy has been nominated by Prime Minister Viktor Orbán as the next Governor of the National Bank of Hungary (NBH). Matolcsy follows András Simor whose six-year mandate expires on March 3.

The state debt in Hungary was of the second highest value ever at the end of January when the debt of the central budget was HUF 21,187.8 billion (currently over EUR 72 billion), which means a huge increase of HUF 467.7 billion over a year.