Hungary’s State Audit Office filed a complaint against a controversial foundation established by the central bank claiming years of financial mismanagement and opaque dealings. The police are investigating the case which involves funds in excess of $1 billion. The foundation, Pallas Athéné Domus Meriti (PADME), set up shortly after former Hungarian National Bank (MNB) Governor […]
Hungary's inflation rate surged unexpectedly in January, driven by sharp increases in fuel, food, and service costs, posing fresh challenges for monetary policy. The latest data indicates mounting price pressures, with core inflation also worsening, raising concerns over the central bank’s ability to ease interest rates in the near future. Official figures show that Hungary’s […]
Hungarian inflation surged in December, with rising fuel and food costs driving consumer prices beyond expectations. The increase presents challenges for monetary policy and has stoked concerns over perceived inflation, as sharp price hikes in key items weigh on household budgets. The Hungarian Central Statistical Office (HCSO) reported a 4.6% annual increase in consumer prices […]
Hungary is setting the stage for a leadership change at the helm of its central bank, as Finance Minister Mihály Varga prepares to step into the role of governor for the National Bank of Hungary. At his parliamentary confirmation hearing, Varga struck a reassuring tone, emphasizing his commitment to the central bank’s independence and the […]
Hungary's currency, the forint, has faced a turbulent year, losing over 7% against the euro so far in 2024. Global financial uncertainty has turned investor attention to the country's economic vulnerabilities, forcing Hungary’s central bank to halt its monetary easing and maintain the EU’s highest borrowing cost, tied with Romania at 6.5%. The latest blow […]
Prime Minister Viktor Orbán is poised to announce his choice for the next governor of the Hungarian National Bank (MNB) within days, as the tenure of the current chief, György Matolcsy, draws to a close. The selection process, which will also coincide with a cabinet reshuffle, is being closely watched amid economic turbulence and a […]
For the second time in two years, Hungary’s economy has slid into recession, as its gross domestic product (GDP) turned negative for two consecutive quarters. New data shows an unexpectedly sharp economic downturn, with Hungary returning to recessionary territory last seen during the 2022 energy crisis. Hungarian GDP fell by 0.7% in the third quarter […]
Hungary's economy faces a challenging third quarter with zero growth expected and the forint at an 18-month low against the euro. This gloomy outlook could force the central bank to maintain current interest rates for an extended period. Deputy Governor Barnabás Virág of Hungary's central bank signaled a potential pause in interest-rate cuts at a […]
The Hungarian forint has dropped to its lowest level in 18 months, driven by escalating tensions in the Middle East and recent rate cuts by the National Bank of Hungary (NBH), prompting investors to pull back. Despite these challenges, the central bank has reassured markets that it will maintain a "disciplined and tight" monetary policy […]
After taking only a brief pause, the National Bank of Hungary (NBH) returned to its monetary easing path in September, cutting its key interest rate once again. The bank's latest forward guidance suggests a steady outlook on future rates, further fueling market expectations for another rate cut before the year is out. Hungary's decision to […]
Hungary’s central bank has taken a breather after a streak of 15 consecutive rate cuts, opting to leave interest rates unchanged at its latest policy meeting. However, policymakers hinted that the pause may be temporary, with room for further "cautious" rate cuts in the near future. This week, the central bank held the benchmark interest […]
In a move mirroring April's decision, the National Bank of Hungary once again trimmed key interest rates by 50 basis points this week. However, the monetary policy outlook beyond June remains clouded in uncertainty, with the central bank's cautious and patient approach suggesting a narrowing margin for further easing maneuvers. One more rate cut is […]
In the ever-evolving landscape of global economies, the importance of economic competitiveness cannot be overstated. It is the cornerstone of a nation's ability to sustain growth, attract investment, and improve the living standards of its population. A nation's competitiveness is often a reflection of its efficiency, innovation, and the ability to leverage technology and human […]
György Matolcsy, the Governor of the National Bank of Hungary, has vehemently criticized the government's latest proposal, which he perceives as a direct assault on the institution's independence. This latest clash deepens the rift between Prime Minister Viktor Orbán’s administration and the country’s chief banker. During an event at the Budapest Stock Exchange, Matolcsy articulated […]
The rift between the Hungarian government and the central bank seems to be depening as both sides accuse the other of failing to combat soarting inflation. In the latest development, a top ranking politician said Hungary's central bank has struggled to control price rises, prompting the government to step in with its own measures. Hungary […]
