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Hungary’s 90% of banks commit to increase lending: MNB

BUDAPEST: Roughly 90% of banks in Hungary said they are willing to increase their lending activity, chiefly among SMEs, in response to the Hungarian government reiterating statements that the extraordinary tax on the banking sector would be lowered in favor of banks lending more. Increased lending activity is the “missing link”, National Bank of Hungary (MNB) managing director Márton Nagy ... Read More »

Hungary GDP per capita two-thirds of E28 average, adjusted for purchasing power

BUDAPEST: Hungaryʼs GDP per capita, adjusted for purchasing power, was 66% of the average for all 28 European Union member states in 2013, a report released by Eurostat yesterday reveals. The data show the level was 108% of the EU28 average in central Hungary, where the countryʼs capital is located, but just 42% in the underdeveloped north and Great Plains ... Read More »

Over 82% of FX borrowers pay less after settlement

BUDAPEST: Data from banks show that repayments of 82% of FX borrowers have fallen because of the settlement of compensation due under borrowers relief legislation and the conversion of FX mortgages into forints, deputy chairman of the Hungarian Banking Association András Becsei said yesterday. On average, the size of repayments decreased by 20%, Becsei said. Clients that earlier opted into ... Read More »

Hungarian gross wages up 4.9% in March 2015

BUDAPEST: Average gross wages in Hungary saw a year-on-year rise of 4.9%, reaching HUF 247,917 in March, with net wages rising at the same pace to reach HUF 162,387, the Central Statistics Office (KSH) said today in a first release of data. Calculating with negative CPI of 0.6%, real wages rose by 5.5%, KSH said. Excluding the impact of the ... Read More »

MFB sees HUF 2.5b pre-tax profit last year

BUDAPEST: State-owned Hungarian Development Bank (MFB) saw a pre-tax profit of HUF 2.5 bln last year, CEO Csaba Nagy said today. Consolidated pre-tax profit came to HUF 8.1 bln, while total assets fell about 2% to HUF 1.086 trillion, Nagy said. Read More »

Forint eases further versus the euro on interbank market

BUDAPEST: The forint was trading at 307.33 to the euro late Thursday on the interbank forex market, down from 307.04 late Wednesday. At 307.05 to the euro early Thursday, the forint moved between 306.11 and 307.76 after a one-week high at 303.96 Tuesday intraday, and after another more than two-month low within a week at 309.68 Monday intraday. After the ... Read More »

ÁKK sells HUF 50b of securities at auction

BUDAPEST: The Government Debt Management Agency (ÁKK) sold a combined HUF 50 bln of securities at auction today, as planned, Hungarian news agency MTI said. ÁKK sold HUF 40 bln of discount twelve-month T-bills. Primary dealers bid for HUF 97.2 BILLION of the papers. Average yield was 1.55%, 5 bp over the secondary market benchmark, but level with the yield ... Read More »

Hungarian gross wages up 4.9% in March

BUDAPEST: Average gross wages in Hungary saw a year-on-year rise of 4.9%, reaching HUF 247,917 in March, with net wages rising at the same pace to reach HUF 162,387, the Central Statistics Office (KSH) said today in a first release of data. Calculating with negative CPI of 0.6%, real wages rose by 5.5%, KSH said. Excluding the impact of the ... Read More »

Hungary leasing market swells by 20% in Q1-2015

BUDAPEST: The value of leases in Hungary increased by more than 20% to HUF 107 billionin the first quarter as compared to the same period in 2014, the Hungarian Leasing Association said yesterday, Hungarian news agency MTI reported. The value of leases for production equipment was up 36% at HUF 57 bln. Association members signed more than 18,000 new contracts ... Read More »

ÁKK exchanges HUF 25b of bonds at switch auction

BUDAPEST: The Government Debt Management Agency (ÁKK) exchanged HUF 25 bln of bonds maturing in 2024 for ones that expire in 2017 at a switch auction today. ÁKK exchanged HUF 25 bln of 2024/B bonds for 2017/B bonds, as planned Bids by primary dealers reached HUF 52.8 bln for the bond exchange. Read More »

Hungary’s tax office collects HUF 92b in back taxes in Q1-2015

BUDAPEST: Hungaryʼs National Tax and Customs Authority (NAV) collected HUF 92 bln in back taxes in the first quarter of this year, Hungarian daily Napi Gazdaság said today. The paper reported that NAV officials took action 472,000 times in the collection procedures, mostly freezing the bank accounts of delinquent taxpayers. The paper added that NAV sent 80,000 notifications to taxpayers ... Read More »

20 Hungarian companies showcase in Amman

BUDAPEST: Twenty Hungarian companies from the foodstuffs, renewable energy, water management, porcelain and crystal sectors showcased in Amman ,the Jordanian capital, in a two-day event organized by the Hungarian National Trading House (MNKH), Hungarian news agency MTI reported. The exhibition was set up by the Hungarian government in order to find new opportunities for Hungarian companies on foreign markets. Jordanians ... Read More »

Hungarian sales of consumer electronics, home appliance up 11% in Q1-2015

BUDAPEST: Sales of durable consumer electronics and appliances increased by 11.1% in the first quarter of 2015, as compared to the same period of 2014, market researcher GfK Hungária reported on Tuesday. Turnover growth was largely driven by sales of telecommunications products and large household appliances, GfK said. Sales of large household products were up 23.1% to HUF 18.6 bln ... Read More »

Hungary to divert Municipal investments of HUF 200b

BUDAPEST: A total of HUF 200 billion in liquid municipal assets could be turned into government bond holdings in the event that the bill proposed by Cabinet Chief János Lázár last week is passed, online economy and business news portal vg.hu reported today. According to data published by the National Bank of Hungary (MNB), however, 60% of the HUF 549,58 ... Read More »

MagNet bank total assets reach almost HUF 105b

BUDAPEST: Hungaryʼs MagNet Bank closed last year with total assets of HUF 104.8 bln, while total assets rose from HUF 83.9 bln to HUF 117.6 bln at the end of 2013 following the bankʼs acquisition of Banco Popolareʼs Hungarian subsidiary, chairman Zsolt Fay told Hungarian news agency MTI. Last year, MagNet Bank had after-tax profit of HUF 265 mln, Fay said, ... Read More »

OTP Bank raises capital €155m at Ukrainian subsidiary

BUDAPEST: OTP Bank on Friday said a capital increase to UAH 3,668,186,135 (€155 million) from UAH 2,868,190,521 (€121 million) was registered at its Ukrainian subsidiary, state news agency MTI reported. OTP Bank announced in an earnings report published on Friday that the subsidiary experienced a HUF 10.2 billion loss in the first quarter of this year. Read More »

Hungary’s net general government borrowing 1.9% of GDP

BUDAPEST: According to preliminary financial data, net general government borrowing was HUF 610 bln in the twelve months leading up to the end of Q1, amounting to 1.9% of GDP including HUF 61 bln in financing requirement, or 0.8% of GDP, in the first quarter of 2015, the National Bank of Hungary (MNB) said today. Maastricht debt stood at 77.2% ... Read More »

Hungary’s net general government borrowing 1.9% of GDP

BUDAPEST: According to preliminary financial data, net general government borrowing was HUF 610 bln in the twelve months leading up to the end of Q1, amounting to 1.9% of GDP including HUF 61 bln in financing requirement, or 0.8% of GDP, in the first quarter of 2015, the National Bank of Hungary (MNB) said today. Maastricht debt stood at 77.2% ... Read More »

Paks power plant to account for 10% prior costs

BUDAPEST: Planning and preparation for the upgrade of Hungaryʼs sole nuclear power plant in Paks is expected to account for about 10% of total project costs prior to the beginning of construction in 2018, Attila Aszódi, the government commissioner for the project, said in an interview on Friday with state-owned news channel M1. Next yearʼs budget bill has allocated HUF ... Read More »

Hungary’s Danubius Hotels Q1 loss narrows HUF 980M

BUDAPEST: An earnings report published late Friday shows that the Hungaryʼs Danubius Hotelsʼ first-quarter loss narrowed to HUF 980 million from the HUF 2.6 billion loss recorded in the same period a year earlier, on the back of  mostly unrealized foreign currency gains,. Revenue rose 2% to HUF 9.3 bln, but cost of materials and services outpaced the increase, climbing ... Read More »