Parliament Approves Bank Levy
Late on July 22, parliament approved a three-year bank levy which is to generate budget revenues of HUF 200 billion in 2010, including some HUF 13 billion in revenue from extraordinary bank taxes already in place.
PRESS MONITOR
International news sources report on the Hungarian economy and business environment.
The Monetary Council Left the Central Bank Base Rate Unchanged
At its meeting on 19 July 2010, the Monetary Council reviewed the latest economic and financial developments and voted to leave the central bank base rate unchanged at 5.25 pct.
Households Were Net Repayers Of of Debt In May
In May 2010, forint borrowing by households exceeded repayments, i.e. the sector was a net borrower, while repayments in foreign currency exceeded borrowing, i.e. the sector was a net repayer.
Hungary to Join ERM-II in 2 years, says City
Hungary may join the ERM-II exchange rate system in two years' time, London-based analysts of emerging markets said on Monday.
NBH Financial Stability Report
The National Bank of Hungary released its financial stability report on Wednesday.
The Monetary Council Reduced the Central Bank Base Rate by 25 Basis Points to 5.75 pct
At its meeting on February 22, the Monetary Council reviewed the latest economic and financial developments and voted to reduce the central bank base rate by 25 basis points from 6.00 pct to 5.75 pct, with effect from February 23, 2010.
Bank Association Head Sees Growing Attractiveness of Forint Loans
Forint loans could become more attractive than foreign currency-based loans in Hungary if the National Bank of Hungary cuts the base rate to 5.0–5.5 pct by year-end, as expected, Hungarian Bank Association chief Tamás Erdei said in the Saturday issue of daily Népszava.
Merrill Lynch: Hungary Could Enter ERM-II in 2011
ML-BofA believes that Hungary could be the pack leader in the group of Poland, The Czech Republic and Romania to enter ERM-II exchange rate mechanism, and finally introduce the euro in 2014.
Magyar Nemzeti Bank Discontinues EUR/CHF Foreign Exchange Swaps
The Swiss National Bank, the European Central Bank, the Narodowy Bank Polski and the Magyar Nemzeti Bank are announcing that they will discontinue EUR/CHF foreign exchange swaps, whereby Swiss franc is provided against the euro, within a term of seven days.
