Hungary
Jarai says Hungary could miss 2010 euro target
The head of the National Bank of Hungary Zsigmond Jarai said stricter economic policies need to be introduced or Hungary won't be able to adopt the euro at its current target date of 2010.
No need to change MNB council makeup says ECB
In a statement made on Tuesday 9 November, the ECB commented on planned changes to Hungary's Central Bank Act saying that "the current Monetary Council rules in force are compatible with central bank independence and provide an appropriate framework for…
Jarai says central bank changes still unlawful
Zsigmond Jarai, president of the Hungarian central bank, told a conference on Thursday 28 October that despite minor adjustments submitted to planned modifications to Hungary's Central Bank Act, the intentions driving the changes are still "wrong,…
ECB deplores attack on Hungarian cb independence
European Central Bank president Jean-Claude Trichet said late on Monday 25 October that the ECB considers the Hungarian government's proposal to increase its influence over the country's central bank as unacceptable.
Hungary central bank sees tensions with govt
Hungary may be able to cut interest rates further if inflation comes down as expected, but tensions between the central bank and the government will limit the scope for rate reductions, central bank president Zsigmond Jarai said.
Hungary's Jarai against cb reform proposal
The president of Hungary's central bank (MNB), Zsigmond Jarai, has criticised a proposal to increase the number of members of the MNB's Monetary Council from nine to eleven and to allow the prime minister to choose five of the eleven members and approve…
Socialists deny move to allow removal of Jarai
The governing Hungarian Socialist Party (MSZP) categorically denied a report Wednesday by the daily Magyar Nemzet that the party is preparing legal modifications that would allow the removal of Zsigmond Jarai, governor of central bank MNB.
Hungary's cb chief expects inflation around 7%
Average inflation in 2004 will be "around 7%," but will decline to 4-5% in 2005, Zsigmond Jarai, the president of central bank MNB told parliament's budget committee on Tuesday 21 September.
Hungary cuts rates by half percent
The central bank of Hungary reduced the base rate by half a percentage point, from 11.5 percent to 11 percent, when it met on 16 August. While the central bank pointed to improvements in the economy as the cause, it is thought that a desire to weaken the…
Hungary cuts rates by half percent
The central bank of Hungary reduced the base rate by half a percentage point, from 11.5 pe rcent to 11 per cent, when it met on 16 August. While the central bank pointed to improvements in the economy as the cause, it is thought that a desire to weaken…
Hungary holds key interest rates steady
The National Bank of Hungary left its key interest rates unchanged at 11.5 per cent on Monday.
Ecofin unlikely to press Hungary on deficit
The council of European Union finance ministers (Ecofin) is scheduled to evaluate Hungary's convergence program on July 5, and preliminary consultations do not indicate that the council will urge Hungary to speed up its budget deficit reduction plans,…
Hungary leaves interest rates steady
The National Bank of Hungary left interest rates unchanged Monday and issued a warning about inflationary pressures in the economy.
Hungary's Draskovics to propose 2010 euro entry
Finance minister Tibor Draskovics has said he will recommend to the government that Hungary set 2010 as the target date for introducing the euro.
Hungary set to delay eurozone entry
The Hungarian government is likely to delay the country's euro entry by one or two years from the original target of 2008, finance minister Tibor Draskovics said on Thursday 1 April.
Hungary's central bank cuts base rate to 12.25%
The Monetary Council of Hungary's national bank (MNB) cut its base rate by 25 bp to 12.25% at its Monday meeting. The MNB said as a result of improving external and internal economic developments, the conditions for meeting the end-2005 inflation target…
Jarai says delay ERM II if euro entry delayed
National Bank of Hungary president Zsigmond Jarai said on Friday 5 March, according to state news agency MTI, that if Hungary delays adoption of the euro, it should also delay joining the Exchange Rate Mechanism II.
Jarai: Hungary further and further away from 2008
President Zsigmond Jarai of the National Bank of Hungary said in a TV interview that Hungary is slipping "further and further away" from the introduction of the euro in 2008.
Hungary's Jarai: euro accession by 2008 difficult
President of the National Bank of Hungary Zsigmond Jarai said on Monday 23 February that considerable sacrifices will need to be made if Hungary is to join the eurozone in 2008.
Hungary to delay Euro adoption to 2010
Hungary's new Finance Minister Tibor Draskovics was quoted as saying that the country will probably postpone the adoption of the Euro to 2010 from 2008 because of high inflation and budget deficits.
Forex volatility in EU accession countries
This IMF Working Paper analyses foreign exchange market volatility in four Central European EU accession countries in 2001-2003. It shows that periods of high volatility seem to be cross-correlated for Hungary, Poland and Czech, Slovak Republics. It…
Hungary's future finance chief signals euro delay
Hungary's future finance minister signalled on Thursday 8 January that the country's 2008 target for joining the eurozone may have to be delayed.
Hungary's PM stands by 250-260 forint rate for ERM
Hungary's prime minister Peter Medgyessy has said that the central bank and finance ministry are jointly working towards a target of HUF 250-260 to the euro as an appropriate rate to enter the euro, according to Interfax-Europe.
Hungary to submit central bank independence bill
The Hungarian government has adopted the draft of a legal amendment aimed at strengthening the independence of the National Bank of Hungary, Interfax reports. According to the draft law to be submitted to parliament, the central bank and members of its…