Currency

The Monetary Council of the National Bank of Hungary cut the base rate 50bp to 10.50 pct at a non-rate setting meeting.

Hungary's largest property developer, TriGranit reduces its planned investment to EUR 4bn due to the worsening financial conditions.

Hungary's fresh fish market is worth an annual HUF 17bn-19bn, of which some 40 pct is generated around the winter holidays, when Hungarians traditionally eat fish, business daily I reported on December 8, 2008. 

The government intends to continue funding current rural-development programs in spite of the financial and economic crisis, Minister of Agriculture and Rural Development Jozsef Graf said on the evening of December 4, 2008. 

Hungary posted a EUR 176.7m trade surplus in September, the Central Statistics Office (KSH) said in a second reading on December 4, 2008. 

Due to the global financial and economic crisis Hungary is expected to repay its debts sooner, thus moving the country closer to joining the eurozone.

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

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

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.

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