Jarai says Fitch downgrade will raise rates

Hungary's central bank governor Zsigmond Jarai said on Wednesday that Hungary's downgrading by ratings agency Fitch on Tuesday6 December would increase risk premiums but would not affect the economy in the short term.

"The announcement of Fitch will not influence Hungarian economy processes in short-term, but is one of the warnings for the convergence programme, which has to be taken seriously with the other warnings but hopefully will not hold back investments significantly, " Mr Jarai told a

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