The National Bank of Hungary (MNB) has issued a recommendation to Hungarian-based insurers on climate change and environmental risks and on how to integrate environmental sustainability considerations into their operations. The recommendation is aimed at helping insurers to take environmental factors into account and to help them to make the transition to sustainable operations and […]
At the end of 2023 Q3, the credit institution sector consisted of ten banking groups, eight solo credit institutions, two financial enterprises subject to prudential regulation affecting credit institutions, as well as nine branches. The decrease in the number of institutions included in the publication was caused by the consolidation of a single domestic credit […]
The Hungarian banking system remains stable and its resilience to shocks is strong. Profitability is remarkably high, with interest income on central bank deposits as a significant contributing factor, the National Bank of Hungary (MNB) says in a statement on its website. Deposits by households and non-bank financial institutions in the banking system declined, although […]
At its meeting this Tuesday, the Monetary Council of the National Bank of Hungary (MNB) reviewed the latest economic and financial developments and decided to lower the central bank base rate, with effect from November 22, 2023 by 75 basis points from 12.25% to 11.50%. By the evening, the Hungarian currency, the forint (HUF) weakened […]
The National Bank of Hungary (MNB) pledged nearly EUR 14 million to the IMF’s Poverty Reduction and Growth Trust (PRGT) through a targeted investment instrument. The pledge has officially been announced by Barnabás Virág, Deputy Governor of the MNB on the margins of the Annual Meetings of the World Bank Group (WBG) and the International […]
The energy crisis and the resulting dramatic increase in energy prices have underscored the importance of energy efficiency over the past year, Deputy Governor of the National Bank of Hungary (MNB), Csaba Kandrács said this Thursday at MNB’s International Green Finance Conference. It featured presentations by representatives of the European Commission and the International Energy […]
Pension funds continue to offer one of the most competitive schemes compared to other self-care offers, according to a recent summary by the National Bank of Hungary (MNB). The central bank said on Tuesday that the classical premium burden index, which retrospectively expresses the costs of voluntary pension funds, was 0.72% in 2022, up from […]
With its decision on Tuesday, the Monetary Council of the National Bank of Hungary (MNB) locked the overnight deposit rate and the base rate at 13%, and from Wednesday, the base rate will be the MNB's effective interest rate, with the overnight deposit rate to be phased out from October. This will mark the end […]
Despite the extra profit tax, interest rate freeze and credit market slowdown, the Hungarian banking sector made unprecedented profits in the first half of this year. The domestic profit of HUF 676 billion means that for the first time in a long time, the sector's profit on equity rose above 20%. On a non-consolidated basis, […]
At its meeting this Tuesday, the Monetary Council of the National Bank of Hungary (MNB) reviewed the latest economic and financial developments and decided not to change of central bank base rates with effect from August 30, but leave it at 13.00%. At the same time, the interest rate corridor was narrowed. In the Monetary […]
The current account surplus increased by EUR 152 million to EUR 547 million in June from EUR 396 million in May, according to the latest preliminary data released by the National Bank of Hungary (MNB). Due to an increase of EUR 510 million in export receipts and EUR 110 million in import payments, the external […]
According to preliminary financial accounts data, the net financing needs of the general government in Hungary amounted to HUF 697 billion in the second quarter, or 3.8% of GDP, compared with 11.4% in the previous quarter and 1.6% a year earlier, the National Bank of Hungary (MNB) said on Friday. In the year to the […]
The National Bank of Hungary (MNB) will increase the amount of euro liquidity offered on swap tenders, the central bank said on Wednesday. The tenders will be announced with a total amount of EUR six billion, instead of EUR five billion. As the financial website portfolio.hu notes, MNB is committed to achieving the inflation target […]
In the past three years, the National Bank of Hungary (MNB) has reduced the carbon footprint of its operations by nearly 60%, double the amount it had previously undertaken, thus saving the environment from the emission of 2-3,000 tons of carbon dioxide annually, the central bank said in a statement sent to MTI on Thursday. […]
The domestic fintech sector in Hungary has continued to grow, with the number of active fintechs increasing to 175 in 2022, employing nearly 9,000 people, with a significant increase in revenue and improved profitability, according to the Fintech and Digitalization Report by the National Bank of Hungary (MNB). The sector appears to be entering a […]
