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Finance

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OTP Bank Preparing a Euro Bond Issue

D&T
Jun 30, 2022

OTP Bank is preparing a three-year green bond issue in euro, Global Capital reported. According to the portal, investors were sounded out on Wednesday and Thursday, and the bond is expected to be issued early next week. According to the plans, the bond would not be callable in the first two years of its maturity, […]

Financial Sector: Improvement in Digitalisation

D&T
Jun 20, 2022

In 2021, the digital transformation of the financial sector gained new momentum both at international and domestic level. That is according to the National Bank of Hungary (MNB) in its FinTech and Digitalisation Report on the global and Hungarian FinTech ecosystem and the digital maturity of the domestic banking and insurance sector published for the […]

Five-fold Increase in Card Purchases in Ten Years

D&T
Jun 8, 2022

The Financial Stability Council of the National Bank of Hungary (MNB) has discussed and approved the 2022 Payment Systems Report. The Council found that payment service developments in 2021 returned to pre-pandemic trends, bringing about dynamic development in terms of the further spread of electronic payments. The development of the electronic payment infrastructure in Hungary […]

Banks Anticipate Tightening Conditions, Slowing Demand

D&T
May 6, 2022

According to the responses to the Lending Survey conducted by the National Bank of Hungary (MNB), credit conditions and credit demand were broadly unchanged in the corporate credit market in the first quarter of 2022. Looking ahead, around a quarter of the banks plan to tighten lending conditions due to the economic prospects that are […]

EIB-MNB Agreement for Financing Green Projects

D&T
May 5, 2022

The European Investment Bank (EIB), the bank of the European Union, and the National Bank of Hungary (Magyar Nemzeti Bank - MNB), the Hungarian central bank, have signed an agreement to enable the EIB to support the Hungarian economy with more long-term green loans. The operation creates a new source of more affordable financing for […]

Sberbank Collapse Sent Erste Hungary into the Red

D&T
May 4, 2022

Erste Bank Hungary posted a negative result after tax in the first quarter. One of the main reasons for this is that the National Deposit Insurance Fund ordered an extra payment of HUF 7.9 billion due to the liquidation of Sberbank. Erste closed the first quarter with a minus of HUF 908 million, the bank's […]

EIB: Record Amount of Investment in Hungary in 2021

D&T
Mar 29, 2022

The European Investment Bank Group, consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), increased its investments in Hungary in 2021 and provided EUR 891 million to the local economy, a record volume of investment in the past five years. The EIB increased the volume of its operations in Hungary for […]

OTP Group Supports its Ukrainian Bank

D&T
Mar 18, 2022

"OTP Group is supporting Ukraine using all means available to us. We are working under wartime conditions to keep the country's financial infrastructure, and thereby the economy as a whole, operational," the Group said in a statement this Friday. In addition to maintaining the operations of the Group's subsidiary in Ukraine, "we are contributing to […]

Hungarian Currency Further Loses Value in 2021

D&T
Jan 2, 2022

The Hungarian forint (HUF) weakened in 2021: by 1.3% against the euro (EUR), 9.3% against the American dollar (USD) and 6.0% against the Swiss franc (CHF). On December 31, the forint ended the year at 368.87 forints against the euro and 324.48 forints against the American dollar, while the Swiss franc stood at 355.55 forints. […]

Banking Association Does Not Support Interest Rate Stop

D&T
Dec 23, 2021

The Hungarian Banking Association says was surprised to learn of the government decision about freezing retail mortgage interest rates for a six-month period from January announced this Wednesday.  The Association issued a statement this Thursday stressing that the key role of the banking sector is to provide long-term, predictable and sustainable financing for the economy, […]

Sustainable Financing for the Hungarian Economy

D&T
Dec 21, 2021

Funding from the European Investment Advisory Hub (EIAH) will enable Magyar Fejlesztési Bank (MFB) to support the preparation of investment projects in key sectors, such as information and communication technologies (ICT), the environment and resource efficiency. The European Investment Bank (EIB) — the bank of the European Union — and Magyar Fejlesztési Bank ('Hungarian Development […]

Mobile Payments Spreading Fast in Hungary

D&T
Nov 3, 2021

According to data by the National Bank of Hungary (MNB), the number and value of mobile payment transactions more than doubled between the second quarter of 2020 and the second quarter of 2021. The growing popularity of smartwatch payments could further boost the uptake of innovative solutions in Hungary. "We are always very happy to […]

National Bank: a Further Step Towards a Green Economy

D&T
Aug 5, 2021

The National Bank of Hungary (MNB) has published the notice setting out the technical conditions of the Green Mortgage Bond Purchase Programme and the Mortgage Bond Rollover Facility and has decided to fine-tune the collateral management framework by improving the conditions of green securities. In July 2021, The Monetary Council reviewed and approved the MNB’s […]

Chinese Banking in the Region

Zalán Zubor
Aug 4, 2021

In recent years, partially state-owned Chinese banks established a presence in the Visegrád countries, mainly to aid Belt and Road projects, which started facing obstacles in recent years. In early 2020, the Hungarian National Bank has announced the registration of a new credit institution in the country, the local subsidiary of the China Construction Bank, […]

Visegrád Group Central Bank Governors Conference

D&T
Jul 19, 2021

The National Bank of Hungary (MNB), the country's central bank, has organised a high-level conference on the occasion of the 30th anniversary of the establishment of the Visegrad Cooperation. Among the speakers of the conference, titled 'Gradual Transition into a Greener Economy – Challenges and opportunities', the bank welcomed the central bank governors and deputy […]

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