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Central bank policy-makers maintain base rate

The Monetary Council of the National Bank of Hungary (MNB) decided once again to keep the central bankʼs key rate on hold at 0.90% at a monthly policy meeting on Tuesday. However, rate-setters have made use of “unconventional, targeted” instruments to ease monetary policy further, state news agency MTI reported. The Council has left the base rate on hold since ... Read More »

Hungary offers Russian bank diplomatic status, complete with immunity

The Moscow-based Russian International Investment Bank (IIB), which is moving its headquarters to Budapest this year, will receive all conceivable privileges from the Hungarian government. According to a parliamentary proposition to introduce the IIB into the Hungarian legal system, the Hungarian government would provide the bank with a number of extra rights. Based on the proposition of the governing party ... Read More »

Hungary to open foreign trade office in Jerusalem

At a joint press conference with Netanyahu, Orbán said he had informed the Israeli prime minister about the upcoming elections to the European Parliament in May, an important goal of which will be to crack down on anti-Semitism in Europe. Efforts are being made to ensure that the EUʼs new leaders will not finance NGOs that interfere in political matters ... Read More »

Hungary tells UK Jewish group to ‘mind its own business’ over antisemitism

A Hungarian government minister has accused a senior representative of British Jews of politically-motivated lying, telling her to “mind your own business” following a meeting in which she raised concerns about antisemitism. The secretary of state, Vince Szalay-Bobrovniczky, wrote to Marie van der Zyl, the president of the Board of Deputies of British Jews, this week to take issue with ... Read More »

US warns Hungary, other allies to shun business with Huawei

The United States may be forced to scale back certain operations in Europe and elsewhere if countries continue to do business with the Chinese telecommunications company Huawei, Secretary of State Mike Pompeo said Monday in a new warning that underscores U.S. concerns about the firm. In Budapest on the first leg of a five-nation European tour during which he is ... Read More »

November trade surplus revised down to EUR 478 mln

In a first reading published January 9, the KSH had put the November surplus at EUR 496 mln. Imports rose 7.3% year-on-year in value terms to EUR 8.996 bln in November, while exports were up 4.5% at EUR 9.474 bln. The trade surplus was down EUR 204 mln from the same month a year earlier. The import volume of machinery ... Read More »

Audi’s Hungarian workers end one-week strike – trade union

BUDAPEST (Reuters) – Audi workers in Hungary reached a deal on a wage increase on Wednesday, ending a strike that has paralysed the carmaker’s plant in Gyor, western Hungary, since last Thursday, the AHFSZ trade union said on its Facebook page. Audi spokeswoman Judit Mithay-Marko confirmed that a deal had been reached. The strike of thousands of workers led to ... Read More »

Hungary Audi workers in rare strike over wages

Audi, one of Hungary’s largest exporters, employs some 13,000 staff in the western city of Gyor where it has made engines since 1994. Car-making accounts for almost a third of Hungary’s total industrial output, and around 20 percent of exports. The plant’s largest union – the 9,000-member AHFSZ – said the strike would last from Thursday to January 31 and ... Read More »

Is Hungary becoming a rogue state in the center of Europe?

Most of the international criticism directed at Hungary over the past nine years has focused on domestic indicators such as the rule of law, separation of powers and press freedom. Prime Minister Viktor Orban has been remarkably blunt about his designs for Hungary, citing China, Russia and Turkey as models. After an election in April widely deemed free but not ... Read More »

Hungarian minimum wage to reach monthly Eur 460

The basic minimum wage is expected to rise to 150,000 forints (EUR 460) before tax in 2019, while the minimum monthly wage of skilled workers is likely to increase to 200,000 forints, the daily Magyar Idők said on Monday, citing unnamed sources. The paper said employers and unions are expected to reach a deal on next year’s pay rises by ... Read More »

Hungary, Cyprus Sign Bilateral Energy Deal On Gas Supply

Hungary and Cyprus have signed a bilateral natural gas agreement in connection with supply from Cyprus’s offshore Aphrodite gas field, Foreign Minister Péter Szijjártó said. Szijjártó said that Hungary regarded the gas from Cyprus as a realistic alternative with a view to boosting its energy security and diversifying gas supplies. Speaking at the inauguration of a Hungarian consulate in Nicosia, ... Read More »

Orban Pushes Hungary to the Point of ‘No Return’

Hungarian Prime Minister Viktor Orban’s long march toward one-man rule in the heart of the European Union is about to hit a new milestone. Shrugging off the threat of sanctions from Brussels, Orban plans to push a bill through Budapest’s pliant parliament Wednesday that will further tighten his hold over the country’s court system. The legislation will strip the supreme ... Read More »

South Korean Hanon systems to Invest 113.6 million Euros in Hungary

South Korean thermal and energy management solutions company Hanon Systems will invest 36.7 billion forints (EUR 113.6m) to expand its operations in Hungary, Foreign Minister Péter Szijjártó told a press conference. Hanon Systems Hungary will expand capacity at its base in the central Hungarian city of Székesfehérvár and set up new bases in Pécs, in southern Hungary, and in the ... Read More »

Foreign Minister Opens Hungarian Trade Centre In Shanghai

Hungary realised in time that the Chinese market offers great opportunities for high-quality Hungarian products and services, Péter Szijjártó, the foreign affairs and trade minister, told public media in Shanghai on Sunday after opening a Hungarian trade centre in the city. The minister, who is member of the delegation accompanying the prime minister on a visit to Shanghai, said Hungary ... Read More »

HUF 80 bln of EU JEREMIE funds to be distributed in Hungary

Eight new risk capital funds began their operation in Hungary at the end of August, with all of them handling the distribution of the European Unionʼs so called JEREMIE funds, providing more than HUF 80 billion of resources for innovation projects, according to a press release sent to the Budapest Business Journal. Hungarian micro enterprises and SMEs will be eligible ... Read More »

British National charged with Human smuggling in Hungary

A British national of Iraqi origin has been charged with human smuggling after attempting to smuggle thirty people from the Serbian-Hungarian border to western Europe in 2015, the deputy spokeswoman for the Csongrád county chief prosecutor’s office said. According to the indictment, the man crammed the thirty migrants into the non-ventilated storage space of a truck which he had purchased ... Read More »

Viktor Orban moves to ban gender studies courses at university in ‘dangerous precedent’ for Hungary

A proposal by the Hungarian government to ban gender studies at universities in the country has been criticised as a “dangerous precedent” for state interference. Hungary’s ministry for human capacities said the proposed ban, which would come into effect at the start of the 2019 academic year, had been introduced because employers showed no interest in graduates from the subject. ... Read More »

IBM brings ’Corporate Service Corps’ mission to Hungary

IT giant IBM has announced the launch of its “Corporate Service Corps” mission in Hungary, to inspire women and small-town entrepreneurs with e-learning and to develop a strategy to boost the economy, with the cooperation of four local organizations, says a press release sent to the Budapest Business Journal. The pro bono projects will contribute to the development of the ... Read More »

Inflation accelerates to 3.6%

Consumer prices in Hungary rose 3.6% year-on-year in September, accelerating from a 3.4% increase in the previous month, the Central Statistical Office (KSH) said. The headline figure – a more than five-year peak – was lifted by higher prices for vehicle fuel, food and tobacco. In September 2018, compared to the same month of 2017, food prices rose by 4.6%, ... Read More »

HUNGARY’S GDP AND TRADE SURPLUS ON A RISE?

The Central Statistical Office (KSH) revised Hungary’s second-quarter GDP growth rate to 4.9 percent from 4.8 percent in a time series update published. KSH also revised its earlier reading of GDP growth for Q1 by 0.1 percentage point to 4.5 percent. It revised H1 GDP growth up 0.1 percentage point to 4.7 percent. KSH noted that the updates of the ... Read More »