December 2008

Central Bank Governor Says Budget Deficit Could Fall below 3 pct in 2008

National Bank of Hungary Governor Andras Simor said at a meeting of the Hungarian Association of Industrialists and Employers (MGYOSZ) on December 3, 2008. that Hungary's budget deficit could drop below 3 pct of the GDP in 2008.

 


Hungarian Government Doubles the Credit Limit for SMEs

Minister of Finance and Minister of National Development and Economy announced that the Government doubles the credit limit supporting the SME sector.

 


Parliament Approves Main 2009 Budget Figures

Parliament approved the main figures of the 2009 central budget, posting revenues of HUF 8,270 billion, expenditures of HUF 8,933.7 billion and a deficit of HUF 663.7 billion.

 


Consumer Loan Rates Fall, Home Loan Rates Rise in October

The average interest rate for forint-denominated consumer loans dropped 33 base points in October, while home loan rates rose 35 base points.

 


Businesses' Small Euro-Denominated Loans Only Segment with Lower Rates, Higher Value Contracts in October

Business lending rates rose sharply in October with the exception of smaller euro-denominated loans, which was the only loan segment where the value of new loans rose in the month.

 


HTCC to Move from Delaware to Denmark

The Hungarian Telephone and Cable Corp (HTCC) is moving from the American state of Delaware to Denmark to take advantage of financial and other business opportunities not available in the US, the company said in a statement.

 


MAV To Buy Suburban Rail Lines From BKV For HUF 30 Billion

State-owned Hungarian railway company MAV will buy the Budapest public transportation company BKV's suburban train lines (HEV) for HUF 30 billion.

 


PMI Reaches Thirteen-Year Low in November – Extended

Hungary's Purchasing Manager Index (PMI) fell to a seasonally-adjusted 39.9 pct in November from 42.8 pct in October.

 


Russia's Biggest Bank Eyes OTP

Sberbank, Russia's biggest bank, wants to acquire, in the longer term, an Eastern European peer with an expansive network and subsidiaries.

 


Magyar Suzuki to Lay Off Over One-Fifth of Workforce

Suzuki's Hungarian unit plans layoffs due to the drastic decline in orders.

 


News Monitoring