Finance - Diplomacy & Trade https://dteurope.com Monthly in print | Daily on the web Wed, 09 Aug 2023 14:58:22 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://dteurope.com/wp-content/uploads/cropped-dt_favicon-32x32.png Finance - Diplomacy & Trade https://dteurope.com 32 32 Booking.com Payment Debacle Threatens Hungarian Accommodation Providers https://dteurope.com/economy/booking-com-payment-debacle-threatens-hungarian-accommodation-providers/ Wed, 09 Aug 2023 14:58:13 +0000 https://dteurope.com/?p=66695 The picturesque landscapes and historic charm of Hungary have long been a draw for travelers seeking unique experiences. However, the idyllic scene has been marred by a financial storm as global accommodations giant Booking.com faces backlash for failing to make timely payments to its Hungarian hosts and hotel partners. The repercussions are dire, with numerous […]

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]]> Hungarian inflation shaves off billions of household savings https://dteurope.com/economy/hungarian-inflation-shaves-off-billions-of-household-savings/ Fri, 21 Jul 2023 06:25:25 +0000 https://dteurope.com/?p=66319 The majority of household savings are in cash, due to high inflation we are experiencing a very serious loss of wealth, Hungarian households are losing several thousand billion forints due to inflation. As the annual inflation rate hovered just above 20% in June, the toll of skyrocketing consumer prices is adding up for Hungarians. Hungary […]

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]]> Hungary Extends Interest Rate Freeze on Loans, Keeps Special Bank Levy in Place https://dteurope.com/economy/hungary-extends-interest-rate-freeze-on-loans-keeps-special-bank-levy-in-place/ Fri, 12 May 2023 07:15:03 +0000 https://dteurope.com/?p=64230 The interest rate cap on loans will remain in place until the key interest rate falls below 10%, and extra profit taxes may remain at least partially next year. The interest rate decision may cost the banking sector at least HUF 70 billion, and the special tax may cost the banking sector even more than […]

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]]> Future of Finance in Hungary https://dteurope.com/economy/future-of-finance-in-hungary/ Fri, 23 Oct 2020 10:09:40 +0000 https://dteurope.com/?p=26043 The coronavirus pandemic has proven that it is time to retire unwieldy, passé business models that are not cutting it anymore in the financial sector. As economic uncertainties take center stage the world over, Hungary’s financial managers place their hope in automation and digitalization to weather the storm. The challenges and expectations of financial managers […]

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]]> Central Bank to Support Green Finances https://dteurope.com/economy/central-bank-to-support-green-finances/ Tue, 04 Aug 2020 13:23:00 +0000 https://dteurope.com/?p=22327 By implementing its Green Program, the National Bank of Hungary (MNB) wishes to contribute to reducing risks related to climate change and other environmental issues and to raising the volume of green market financing in Hungary. Following the measures already taken in the banking sector, the Bank says it will start introducing green finances in […]

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]]> International Investment Bank Sees Massive Rise in Loans https://dteurope.com/business/international-investment-bank-sees-massive-rise-in-loans/ Tue, 26 Nov 2019 14:02:21 +0000 https://dteurope.com/?p=14357 Russia’s International Investment Bank, which relocated its headquarters to Budapest in April, expects its loan portfolio to exceed EUR 1 billion by the end of the year, executives of the bank said at a press conference. The bank’s loan portfolio expanded by 11% in the six months since moving to Hungary and the value of […]

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]]> Corporate bank cards increase in number https://dteurope.com/economy/corporate-bank-cards-increase-in-number/ Sun, 23 Jul 2017 23:00:00 +0000 https://dt.adcodedesign.com/corporate-bank-cards-increase-in-number/ The market for business bank cards in Hungary has grown steadily over the last two years, according to statistical figures published by the National Bank of Hungary. It is while the total market has virtually stagnated according to the number of units.

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]]> Central bank buys most of Budapest Stock Exchange https://dteurope.com/business/central-bank-buys-most-of-budapest-stock-exchange/ Mon, 23 Nov 2015 23:00:00 +0000 https://dt.adcodedesign.com/central-bank-buys-most-of-budapest-stock-exchange/ The National Bank of Hungary (MNB) announced on Tuesday that it increased its ownership in the Budapest Stock Exchange (BSE) to 75.8% by acquiring a total stake of 68.8% from Austrian CEESEG AG and Österreichische Kontrollbank AG.

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]]> EU funds produce great Hungarian budget surplus https://dteurope.com/economy/eu-funds-produce-great-hungarian-budget-surplus/ Wed, 04 Nov 2015 23:00:00 +0000 https://dt.adcodedesign.com/eu-funds-produce-great-hungarian-budget-surplus/ Hungary posted HUF 138.4 billion budget surplus in October, the financial website portfolio.hu quotes a preliminary data report published by the National Economy Ministry. It is attributable to previously suspended EU funding that has now been disbursed.

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]]> Hungarian gov't takes out EUR 500 mn loan https://dteurope.com/economy/hungarian-govt-takes-out-eur-500-mn-loan/ Sun, 27 Sep 2015 23:00:00 +0000 https://dt.adcodedesign.com/hungarian-govt-takes-out-eur-500-mn-loan/ The European Investment Bank (EIB) is granting EUR 500 million, the first tranche of an approved loan amount of EUR 1.5 billion, to Hungary to -as the government claims - co-finance priority projects receiving support from EU funds.

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]]> Hungary's state debt at record high https://dteurope.com/economy/hungarys-state-debt-at-record-high/ Wed, 15 Jul 2015 23:00:00 +0000 https://dt.adcodedesign.com/hungarys-state-debt-at-record-high/ Hungary's public debt has never been over HUF 25,000 billion - until now. According to the Hungarian Debt Management Center, a recent increase of 1,377 bn brought it over the 25,000 bn level. Government officials cliam the increase is only temporary.

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]]> Brokerage scandal continues in Hungary https://dteurope.com/business/brokerage-scandal-continues-in-hungary/ Mon, 09 Mar 2015 23:00:00 +0000 https://dt.adcodedesign.com/brokerage-scandal-continues-in-hungary/ The National Bank of Hungary suspended the brokerage licence of the Hungarian Quaestor on Tuesday, citing regulatory shortcomings, and said the firm may also have issued many more bonds than permitted under its issuance program, the Reuters reported.

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]]> Hungary's debt close to all time high https://dteurope.com/economy/hungarys-debt-close-to-all-time-high/ Sun, 17 Aug 2014 23:00:00 +0000 https://dt.adcodedesign.com/hungarys-debt-close-to-all-time-high/ Hungary’s gross general government debt was 85.1% of gross domestic product at the end of the second quarter of 2014. It is believed to be related to the peculiar course in Hungary’s debt financing and a correction of the end-2013 doctoring of debt figures.

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]]> Government to eliminate FX loans https://dteurope.com/economy/government-to-eliminate-fx-loans/ Sun, 06 Jul 2014 23:00:00 +0000 https://dt.adcodedesign.com/government-to-eliminate-fx-loans/ Foreign-currency denominated loans will be eliminated from Hungary's lending market by way of converting them to Hungarian forint (HUF) loans before the end of this year, Minister of National Economy Mihály Varga told public media on Monday.

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]]> ING Investment Management leaves Hungary https://dteurope.com/business/ing-investment-management-leaves-hungary/ Tue, 20 May 2014 23:00:00 +0000 https://dt.adcodedesign.com/ing-investment-management-leaves-hungary/ ING Investment Management, which was the third-largest on the Hungarian market in 2010 with HUF 1.2 trillion worth of funds managed, is winding up its local operation. The company’s foreign owner decided to cease operation of the Hungarian unit as of July 2014.

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