Hungary

Jarai sees euro entry hopes unlucky before 2013

Hungary's central bank (NBH) governor Zsigmond Jarai said on Tuesday 1 August that Hungary's economy was not on the right track and that it has become questionable whether euro adoption could be possible even in 2013.

FT calls Hungary 'sick man of Europe'

"Although no country covets the title of 'sick man of Europe', there are several contenders for it. The frontrunner, though, is Hungary," the Financial Times Lex column said on Monday 17 July, in a piece that was picked up by various media.

Comment: Left out in the cold

While Slovenia celebrates its imminent entry to the eurozone, the Baltic aspirants can feel more than a little peeved by Brussels' handling of their efforts to join the club.

Europe suffers worrying wave of financial chaos

According to this article published Wednesday 5 July by Bloomberg, Europe is increasingly encircled by financial woes. Emerging markets are being hit by a wave of selling, sending currencies falling and interest rates jumping.

National Bank of Hungary - Annual Report 2005

According to the National Bank of Hungary's Annual Report 2005, 2005 was a successful year for the Magyar Nemzeti Bank, both in terms of performing its core duties laid down by law and achieving its organisational objectives.

Comment: Eastern European tightrope

Amidst renewed inflation fears in the developed world and the prospects of further interest rate hikes there, a number of central banks in Eastern Europe and the Baltics will be silently grateful for a little bit of latitude. But with question marks…

Comment: Emerging market jitters

Emerging markets equities, bonds and currencies have been under severe pressure over the last two weeks. The turning tide will leave a number of central banks uncomfortable, particularly as the favourable conditions of the last 2 and 3 years has actually…

Suranyi mentioned as next NBH governor

According to Hungarian broadsheet Nepszabadsag, as well as Reuters, which cited a source in the ruling Socialist Party, the most likely next Governor of Hungary's central bank (NBH) is Gyorgy Suranyi.

Comment: Exposed currencies cause jitters

The Central Bank of Iceland raised interest rates by 75 basis points last week. The central bank is concerned over the possibility of further declines in the Icelandic krona, which has fallen 12% against the US dollar this year.

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.

EU: Hungary may still join euro by 2010

Hungary can still make its 2010 target date to join the euro currency if it takes tough action to manage its economy over the next three years, EU Economic and Monetary Affairs Commissioner Joaquin Almunia said Friday 18 November.

Comment: The ECB clarifies collateral policy

President Jean-Claude Trichet's clarification yesterday that the ECB would only accept sovereign debt with a rating of A- or higher as collateral for loans to commercial banks, is likely to have policymakers in Italy and Greece and a number of eurozone…

Hungary's PM says euro date needs more thinking

Hungarian Prime Minister Ferenc Gyurcsany said Tuesday 11 October that adopting the euro in 2010 needs more consideration because of the social implications of the budget spending reductions the move would require.

Hungary's Jarai warns deficit moving wrong way

Hungarian central bank governor Zsigmond Jarai warned in an interview on Monday 10 October that the country's budget deficit is moving in the wrong direction for euro membership.

Hungary central bank row could trigger sell-off

Souring relations between the Hungarian government and the country's central bank could unnerve investors and trigger some sell-off in Hungarian assets such as bonds and stocks, according to a report issued by Dresdner Kleinwort Wasserstein cited by MTI…

Hungary continues to cut rates

The National Bank of Hungary cut its key interest rate on 22 August for the seventh time in 2005, from 6.75% to 6.25%. The 50 basis point cut was the latest in a cycle of decreasing rates which began in November 2003, and was larger than markets were…

Cultural days of the ECB 2005: Hungary

Hungary will be the country featured in this year's Cultural Days of the European Central Bank, which will be held from 2 to 28 November 2005 in cooperation with Magyar Nemzeti Bank, the central bank of Hungary, the ECB said on Thursday 11 August.

National Bank of Hungary - Annual Report 2004

The National Bank of Hungary has published its Annual Report for the year ended 2004. Hungary's accession to the European Union opened up new possibilities which can benefit the country in its efforts to catch up with the more developed European…