November 2008

NBH Proposes HUF 600 billion Financial Package for Banks in Framework of IMF Agreement

A HUF 600 billion financial package should be available to Hungarian banks as part of an agreement with the International Monetary Fund (IMF).


Financial Ministerium and National Bank Publish Letter of Intent on EUR 12.5 billion IMF Support Package

The Finance Ministry and the National Bank of Hungary (NBH) on November 6th published a letter of intent on a EUR 12.5 billion.


Fitch Cuts IDR Rating of Hungary

International credit-rating agency Fitch announced in the morning on November 10 that it had downgraded the sovereign ratings of Hungary, Romania, Bulgaria and Kazakhstan.


PSZAF Suspends Trade in Property Fund Units to Prevent Wave of Withdrawals

Financial market regulator suspends trade in property fund units as a result of some funds' reduced liquidity and to prevent a wave of withdrawals. 


ITDH Takes Hungarian Biotech Companies on Roadshow to Canada

Hungarian Investment and Trade Development Agency (ITDH) is taking Hungarian biotech companies on a roadshow to Montreal and Toronto, Canada on November 3-7, ITDH announced on November 6th.


Moody's Downgrades Hungary

Moody's Investors Service had lowered the local- and foreign-currency government-bond ratings.


Veres: OTP, CIB, MKB Meet Requirement to Draw on HUF 600 Billion Support Package

Three banks in Hungary meet the requirement for drawing on a HUF 600 billion support package.

Hungary to Make 6 pct Reduction in Greenhouse-Gas Emissions by 2012

Hungary will make a 6 pct cut in the country's emissions of greenhouse gases by 2012 as compared to 1985-1987.


October Fiscal Deficit Preliminary HUF 11.6 Billion

Hungary posted a cash flow-based general government deficit of HUF 11.6 billion in October, excluding local governments, the Finance Ministry said on November 6th.


EU Finance Ministers Approve EUR 6.5 Billion Credit Line for Hungary

EU finance ministers on November 4th approved a EUR 6.5 billion credit line for Hungary to support the country's economy, which has been hit hard by the global financial crisis.


News Monitoring