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.


NBH Says That Insufficient Foreign-Currency Reserves Made IMF Package Necessary

The National Bank of Hungary (NBH) acknowledged that the bank's insufficient level of international reserves made Hungary's EUR 12.3 billion stand-by loan necessary.


Standard and Poor's Downgrades Hungary

Standard and Poor's Ratings Services announced on November 17th 2008 that it had lowered Hungary's long- and short-term foreign- and local-currency sovereign credit ratings to 'BBB/A-3' with a negative outlook from 'BBB+/A-2'. 


OTP Doesn't Need Bank Sector Rescue Package, Says Deputy-CEO

OTP Bank does not need a financial support package the government is offering Hungary's banking sector, deputy-CEO Laszlo Urban said at a press conference on November 14th 2008, after the bank published its Q3 report.


Otp Bank Q3 Profit Triples with Insurance Unit Sale, Drops 11 pct Excluding Sale

OTP Bank's Q3 consolidated after-tax profit jumped 205 pct to HUF 168.7 billion from the same period a year earlier as it booked a one-off gain from the sale of its insurance unit, the bank said in its unaudited consolidated IFRS report published on November 14th 2008.


Consumer Price Inflation Slows to 5.1 Pct in October

Twelve-month consumer price inflation slowed to 5.1 pct in October from 5.7 pct in September and 6.5 pct in August, the Hungarian Central Statistical Office (KSH) said on November 11th 2008. 


GKI Offers Better Growth Outlook than Government for 2009

In a forecast prepared jointly by Hungary's Erste Bank, economic think tank GKI expects Hungary's economy to expand by 0.5 pct.


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.


News Monitoring