November 2008

Central Bank Reduces Base Rate by 0.5 pct

The Monetary Council of the National Bank made a surprise decision to many analysts by cutting 50 base points.


Hungary to Fulfill Criteria for Joining ERM II in November 2009

Hungary will be able to safely fulfill the criteria necessary to join the European Exchange Rate Mechanism (ERM) II by November, 2009.


EBRD Will Increase New Finance to Central European Union Member Countries

The European Bank for Reconstruction and Development (EBRD) will increase new finance to Central European Union member countries.


MOL to Lower Wholesale Diesel, Petrol Prices

Hungarian oil and gas company MOL will lower its wholesale diesel and 95-octane petrol prices by HUF 6 and HUF 8 per liter, respectively, from November 26th 2008.


Hungarian Retail Sales Volume Down 1.6 pct yr/yr in September

Retail sales volume in Hungary fell a calendar year-adjusted 1.6 pct yr/y in September 2008, the Hungarian Central Statistical Office (KSH) reported on November 24th.


Banks Likely to Deepen Rather Than Ease Recession in 2009

Hungary's banking system will likely add to the problems of Hungary's economy in 2009, rather than present a solution for the expected recession, Hungarian Bank Association chairman Peter Felcsuti said at a conference on November 20th 2008.


Hungary to Call First Tranche of EU Loan in December

Hungary will call the first tranche of a EUR 6.5 billion loan from the European Union in December, Finance Minister Janos Veres said at a conference on November 20th 2008.


PM: Recession Could Last as Long as Year And a Half

The global financial crisis could drag Hungary into recession for as long as a year and a half, Prime Minister Ferenc Gyurcsany told a meeting of the National Development Council in Parliament on November 19th 2008.


Bajnai: HUF 1,400 Billion in Subsidies Available to Hungarian Business in 2009-2010

HUF 1,400 bn in direct subsidies from a restructuring of EU funding will be available, National Development and Economy Minster Gordon Bajnai said.


ELMU, EMASZ Inaugurate HUF 2.4 Billion Power Service Station

Electricity distributors, majority-owned by Germany's RWE-EnBW, inaugurated a power service station in Gyongyos.


News Monitoring