November 2008

NBH Says That Insufficient Foreign-Currency Reserves Made IMF Package Necessary

The National Bank of Hungary (NBH) acknowledged that the bank's insufficient level of international reserves made Hungary's EUR 12.3 billion stand-by loan necessary.


Standard and Poor's Downgrades Hungary

Standard and Poor's Ratings Services announced on November 17th 2008 that it had lowered Hungary's long- and short-term foreign- and local-currency sovereign credit ratings to 'BBB/A-3' with a negative outlook from 'BBB+/A-2'. 


Budget Committee Fails to Clear Bank Rescue Package Bill for Debate

Parliament's Budget Committee on November 17th 2008 voted against clearing a bill on a "rescue package" for Hungarian banks for general debate.


Local Farmers Win Tender to Buy Szendroi Gazdasag Farmland

The National Asset Management Council (NVT) on November 17th 2008 said 17 local farmers have won the tender to purchase together 4,405 hectares of farmland at the Szendroi Gazdasag. 


OTP Doesn't Need Bank Sector Rescue Package, Says Deputy-CEO

OTP Bank does not need a financial support package the government is offering Hungary's banking sector, deputy-CEO Laszlo Urban said at a press conference on November 14th 2008, after the bank published its Q3 report.


Otp Bank Q3 Profit Triples with Insurance Unit Sale, Drops 11 pct Excluding Sale

OTP Bank's Q3 consolidated after-tax profit jumped 205 pct to HUF 168.7 billion from the same period a year earlier as it booked a one-off gain from the sale of its insurance unit, the bank said in its unaudited consolidated IFRS report published on November 14th 2008.


Hungary Q3 GDP Growth Slows to Adjusted 0.7 pct - First Reading

Hungary's third-quarter gross domestic product (GDP) grew an unadjusted 0.8 pct and a calendar-year adjusted 0.7 pct from the same period a year earlier, according to a first estimate by the Hungarian Central Statistical Office (KSH) and its research arm Ecostat published on November 14th 2008.


Columbian Inaugurates HUF 7 Billion Expansion at Carbon Black Plant in Hungary

Columbian Tiszai Carbon on November 12th 2008 inaugurated a HUF 7 billion expansion at its carbon black factory in the Hungarian city of Tiszaujvaros, North-East Hungary.


Consumer Price Inflation Slows to 5.1 Pct in October

Twelve-month consumer price inflation slowed to 5.1 pct in October from 5.7 pct in September and 6.5 pct in August, the Hungarian Central Statistical Office (KSH) said on November 11th 2008. 


GKI Offers Better Growth Outlook than Government for 2009

In a forecast prepared jointly by Hungary's Erste Bank, economic think tank GKI expects Hungary's economy to expand by 0.5 pct.


News Monitoring