http://www.bbj.hu/economy/ Complete and independent daily business news from Hungary. en-us bbj@bbj.hu webmaster@bbj.hu PHP RSS Feed Generator The excise tax on cigarettes will increase to HUF 11,500 per 1,000 pieces, or 30% of its retail price, from February 1 and to HUF 11,900, or 31% of the retail price, in July, according to legislation adopted in December. http://www.bbj.hu/economy/excise-tax-on-tobacco-products-to-increase-in-february-and-july--_62593 2012-01-31T17:45:00+01:00 http://www.bbj.hu/economy/excise-tax-on-tobacco-products-to-increase-in-february-and-july--_62593 Hungarian households made more repayment in foreign currency than borrowed in forint in December 2011, the National Bank of Hungary (MNB) reported on Tuesday. Most of the FX repayments and all forint borrowing in the month were made under the government’s preferential-rate FX mortgage repayment scheme. http://www.bbj.hu/economy/update---household-debt-drops-with-preferential-fx-loan-repayments-in-december_62590 2012-01-31T15:20:00+01:00 http://www.bbj.hu/economy/update---household-debt-drops-with-preferential-fx-loan-repayments-in-december_62590 The Government Debt Management Agency (AKK) sold HUF 5bn more three-month discount T-bills than planned at an auction seeing threefold subscription on Tuesday. Yields fell sharply from a week earlier but exceeded Monday’s respective benchmark. http://www.bbj.hu/economy/demand-high-yields-above-benchmark-at-three-month-t-bill-auction--_62584 2012-01-31T13:40:00+01:00 http://www.bbj.hu/economy/demand-high-yields-above-benchmark-at-three-month-t-bill-auction--_62584 Non-financial Hungarian companies were net repayers of both forint and foreign currency-denominated loans in December, and they withdrew more from foreign currency deposits than they placed in forint deposits, the National Bank of Hungary (MNB) said in a monthly report on Tuesday. http://www.bbj.hu/economy/update---hungarian-businesses-net-loan-repayers-in-december--_62583 2012-01-31T13:35:00+01:00 http://www.bbj.hu/economy/update---hungarian-businesses-net-loan-repayers-in-december--_62583 Fresh unemployment data for December published on Tuesday was more or less in line with expectations, but the jobless rate is likely to climb in the coming months because of seasonal factors, analysts told MTI. http://www.bbj.hu/economy/analysts-see-jobless-rate-climbing-on-seasonal-effect-in-coming-months--_62582 2012-01-31T13:35:00+01:00 http://www.bbj.hu/economy/analysts-see-jobless-rate-climbing-on-seasonal-effect-in-coming-months--_62582 The value of new retail loans Hungarian banks signed in December rose sharply compared to previous months as borrowers availed of an early repayment scheme for foreign currency-denominated mortgages, fresh monthly data published by the National Bank of Hungary on Friday show. http://www.bbj.hu/economy/early-fx-repayment-scheme-boosts-value-of-new-retail-loans--_62580 2012-01-31T13:35:00+01:00 http://www.bbj.hu/economy/early-fx-repayment-scheme-boosts-value-of-new-retail-loans--_62580 Hungarian banks’ new corporate outlays increased in December, fresh monthly data published by the National Bank of Hungary on Tuesday show. http://www.bbj.hu/economy/new-corporate-outlays-rise-in-december_62579 2012-01-31T13:30:00+01:00 http://www.bbj.hu/economy/new-corporate-outlays-rise-in-december_62579 The deadline, on Monday, for borrowers registered to participate in an foreign currency-denominated mortgage repayment scheme to prove their ability to make the repayments did not produce a flood of activity at Hungarian banks. http://www.bbj.hu/economy/deadline-for-proof-of-payment-in-early-fx-repayment-scheme-passes-without-rush--_62577 2012-01-31T11:10:00+01:00 http://www.bbj.hu/economy/deadline-for-proof-of-payment-in-early-fx-repayment-scheme-passes-without-rush--_62577 The average unemployment rate in Hungary was 10.7% in the 15-74 age group in October-December, inching up from 10.6% in September-November but falling from 10.8% in the same period a year earlier, data published by the Central Statistics Office (KSH) on Tuesday show. http://www.bbj.hu/economy/update---hungary-jobless-rate-edges-down-to-107percent-from-year-earlier--_62578 2012-01-31T11:05:00+01:00 http://www.bbj.hu/economy/update---hungary-jobless-rate-edges-down-to-107percent-from-year-earlier--_62578 Non-financial Hungarian companies were net repayers of both forint and foreign currency-denominated loans in December, and they withdrew more from foreign currency deposits than they placed in forint deposits, the National Bank of Hungary (MNB) said in a monthly report on Tuesday. http://www.bbj.hu/economy/hungarian-businesses-net-loan-repayers-in-december--_62576 2012-01-31T11:05:00+01:00 http://www.bbj.hu/economy/hungarian-businesses-net-loan-repayers-in-december--_62576 Hungary’s government plans no drastic tax changes this year, and consultations will precede any small modifications, deputy state secretary for tax affairs Adam Balog said in Tuesday’s issue of business daily Vilaggazdasag. http://www.bbj.hu/economy/govt-plans-no-‘drastic-tax-changes-this-year-says-official--_62572 2012-01-31T09:30:00+01:00 http://www.bbj.hu/economy/govt-plans-no-‘drastic-tax-changes-this-year-says-official--_62572 Hungarian households made more repayment in foreign currency than borrowed in forint in December 2011, the National Bank of Hungary (MNB) reported on Tuesday. Most of the FX repayments and all forint borrowing in the month were made under the government’s preferential-rate FX mortgage repayment scheme. http://www.bbj.hu/economy/household-debt-drops-with-preferential-fx-loan-repayments-in-december_62571 2012-01-31T09:25:00+01:00 http://www.bbj.hu/economy/household-debt-drops-with-preferential-fx-loan-repayments-in-december_62571 The average unemployment rate in Hungary was 10.7% in the 15-74 age group in October-December, inching up from 10.6% in September-November but falling from 10.8% in the same period a year earlier, data published by the Central Statistics Office (KSH) on Tuesday show. http://www.bbj.hu/economy/hungary-jobless-rate-edges-down-to-107percent-from-year-earlier--_62570 2012-01-31T09:25:00+01:00 http://www.bbj.hu/economy/hungary-jobless-rate-edges-down-to-107percent-from-year-earlier--_62570 Industrial producer prices in Hungary rose 7.5% in December from the same period a year earlier, slowing from an 8.0% increase in the previous month, data published by the Central Statistics Office (KSH) on Tuesday show. http://www.bbj.hu/economy/hungary-industrial-producer-prices-rise-75percent-in-dec--_62569 2012-01-31T09:25:00+01:00 http://www.bbj.hu/economy/hungary-industrial-producer-prices-rise-75percent-in-dec--_62569 Hungary’s central bank is likely to remain biased to tighten until the IMF/EU deal is reached, but its policy rate is now close to peaking, London-based emerging markets economists said. http://www.bbj.hu/economy/hungary-base-rate-near-peak-says-city--_62567 2012-01-30T17:45:00+01:00 http://www.bbj.hu/economy/hungary-base-rate-near-peak-says-city--_62567 The National Bank of Hungary (MNB) received no bids for floating-rate three month EUR/HUF swaps at its regular weekly tender on Monday. http://www.bbj.hu/economy/demand-for-central-bank-three-month-fx-swaps-dries-up--_62560 2012-01-30T15:30:00+01:00 http://www.bbj.hu/economy/demand-for-central-bank-three-month-fx-swaps-dries-up--_62560 The number of private individuals and sole proprietorships significantly behind on taxes rose, while the number of companies that owed back taxes fell in the fourth quarter of last year, data from the National Tax and Customs Office (NAV) show. http://www.bbj.hu/economy/fewer-companies-behind-on-tax-payments-of-more-than-huf-100m--_62550 2012-01-30T09:40:00+01:00 http://www.bbj.hu/economy/fewer-companies-behind-on-tax-payments-of-more-than-huf-100m--_62550 The government must come up with a tender for additional subsidies available to employers who raise wages to compensate lower earners for tax changes by January 31, under a decree published in official gazette Magyar Kozlony dated January 26 and published on Thursday. http://www.bbj.hu/economy/govt-must-prepare-wage-compensation-subsidy-tender-by-january-31--_62544 2012-01-27T20:20:00+01:00 http://www.bbj.hu/economy/govt-must-prepare-wage-compensation-subsidy-tender-by-january-31--_62544 Economic research company GKI on Friday said it expects Hungary’s economy to contract just 1% in 2012, compared to a 1.5% decline forecast last December. http://www.bbj.hu/economy/gki-sees-slower-economic-contraction-in-2012--_62538 2012-01-27T10:00:00+01:00 http://www.bbj.hu/economy/gki-sees-slower-economic-contraction-in-2012--_62538 There are no pre-conditions for the start of negotiations on a financial assistance package with the International Monetary Fund and the European Union; the Hungarian government stands ready, so the talks could start anytime, government spokesman Andras Giro-Szasz said on public television early Friday. http://www.bbj.hu/economy/hungary-has-no-pre-conditions-for-start-of-imf-eu-credit-negotiations-says-govt-spokesman--_62537 2012-01-27T10:00:00+01:00 http://www.bbj.hu/economy/hungary-has-no-pre-conditions-for-start-of-imf-eu-credit-negotiations-says-govt-spokesman--_62537 Hungary needs to maintain economic stability, better design fiscal policy and improve economic governance in order to address its big debt burden and support growth, Christoph Rosenberg, IMF mission chief for Hungary, said in an interview with IMF Survey online. http://www.bbj.hu/economy/imf-mission-chief-suggests-better-fiscal-policy-improved-economic-governance-for-hungary--_62535 2012-01-27T09:55:00+01:00 http://www.bbj.hu/economy/imf-mission-chief-suggests-better-fiscal-policy-improved-economic-governance-for-hungary--_62535 In a budget report on Monday, the National Economy Ministry said that net revenue from the personal income tax, at HUF 1,382.8bn last year, exceeded the respective annual target by 1.5%, but dropped HUF 385.1bn or by 21.8% from 2010. http://www.bbj.hu/economy/personal-income-tax-revenue-higher-than-target-but-down-yr-yr_62531 2012-01-26T18:15:00+01:00 http://www.bbj.hu/economy/personal-income-tax-revenue-higher-than-target-but-down-yr-yr_62531 Excluding one-off items, Hungary’s 2011 general government deficit was 2.8% of GDP as against the targeted 2.94% of GDP deficit ratio, National Economy Minister Gyorgy Matolcsy told an extraordinary session of parliament’s Budgetary and Audit Committee on Thursday. http://www.bbj.hu/economy/hungary-fiscal-deficit-was-26percent-in-2011-without-one-off-items-economy-minister-says_62530 2012-01-26T18:15:00+01:00 http://www.bbj.hu/economy/hungary-fiscal-deficit-was-26percent-in-2011-without-one-off-items-economy-minister-says_62530 The calculations of the Hungarian government produce different results on the fiscal deficit than the calculations of the International Monetary Fund, Prime Minister’s spokesman Peter Szijjarto said on public television late Wednesday. http://www.bbj.hu/economy/update---govt-calculations-show-different-deficit-than-imf-says-pm-spokesman---tv_62526 2012-01-26T15:00:00+01:00 http://www.bbj.hu/economy/update---govt-calculations-show-different-deficit-than-imf-says-pm-spokesman---tv_62526 Hungary’s Government Debt Management Agency (AKK) raised its offers for all three terms on strong demand at a bond auction on Thursday. It sold a combined HUF 48bn of the bonds and sold another HUF 2.2bn of the two shorter bonds at a non-competitive tender following the auction. http://www.bbj.hu/economy/akk-raises-offers-on-strong-demand-again-at-bond-auction_62522 2012-01-26T14:55:00+01:00 http://www.bbj.hu/economy/akk-raises-offers-on-strong-demand-again-at-bond-auction_62522 The calculations of the Hungarian government produce different results on the fiscal deficit than the calculations of the International Monetary Fund, Prime Minister’s spokesman Peter Szijjarto said on public television late Wednesday. http://www.bbj.hu/economy/govt-calculations-show-different-deficit-than-imf-says-pm-spokesman---tv_62518 2012-01-26T11:25:00+01:00 http://www.bbj.hu/economy/govt-calculations-show-different-deficit-than-imf-says-pm-spokesman---tv_62518 The Acceleration Indicator (GYIA), a measure of ten economic and financial indicators compiled by business daily Vilaggazdasag, edged up 0.04% in January from the previous month. http://www.bbj.hu/economy/hungary-acceleration-indicator-improves-in-january_62517 2012-01-26T09:30:00+01:00 http://www.bbj.hu/economy/hungary-acceleration-indicator-improves-in-january_62517 An International Monetary Fund (IMF) delegation could visit Hungary in the second quarter to conduct biannual monitoring connected with Hungary’s 2008 loan, while the consultation pursuant to Article IV of the IMF’s Articles of Agreement is expected to take place in a year, the Ministry of National Economy (NGM) said after the IMF published its annual country report on Hungary on Wednesday. http://www.bbj.hu/economy/imf-delegation-due-to-visit-hungary-for-monitoring-in-q2-ministry-says_62513 2012-01-25T18:50:00+01:00 http://www.bbj.hu/economy/imf-delegation-due-to-visit-hungary-for-monitoring-in-q2-ministry-says_62513 The government is considering a package of measures aimed at providing state support to help consolidate Hungarian companies whose operations are necessary to ensure the security of supply and demand for domestic agricultural goods and which represent a significant source of employment, Rural Development Minister Sandor Fazekas stated. http://www.bbj.hu/economy/govt-considering-measures-to-support-troubled-hungarian-food-companies_62509 2012-01-25T15:25:00+01:00 http://www.bbj.hu/economy/govt-considering-measures-to-support-troubled-hungarian-food-companies_62509 State secretary for economic strategy Zoltan Csefalvay said in a radio interview late Tuesday that credit agencies’ message should be heard and Hungary must aim to bring the yield on its government securities under 7%. http://www.bbj.hu/economy/govt-securities-yields-must-be-brought-under-7percent-says-state-sec_62508 2012-01-25T15:20:00+01:00 http://www.bbj.hu/economy/govt-securities-yields-must-be-brought-under-7percent-says-state-sec_62508 The International Monetary Fund projects Hungary’s economy will grow 0.3% in 2012 and 1.5% in 2013, an annual country report published on Wednesday. http://www.bbj.hu/economy/imf-projects-hungarys-economy-will-grow-03percent-in-2012_62507 2012-01-25T15:20:00+01:00 http://www.bbj.hu/economy/imf-projects-hungarys-economy-will-grow-03percent-in-2012_62507 The executive board of the International Monetary Fund said Hungary needs a policy the "restores confidence in economic governance" in an assessment attached to a staff report for Article IV consultation and post-programme monitoring discussions published by the IMF on Wednesday. http://www.bbj.hu/economy/hungary-needs-policy-that-restores-confidence-in-economic-governance-says-imf_62506 2012-01-25T15:20:00+01:00 http://www.bbj.hu/economy/hungary-needs-policy-that-restores-confidence-in-economic-governance-says-imf_62506 Retail sales in Hungary rose faster than expected in November, but analysts see tax changes causing sales to drop from January. http://www.bbj.hu/economy/nov-retail-sales-rise-higher-than-expected---analysts_62504 2012-01-25T13:40:00+01:00 http://www.bbj.hu/economy/nov-retail-sales-rise-higher-than-expected---analysts_62504 Gross debt of Hungary’s central government rose HUF 914.5bn last year as the withdrawal of forint securities in private pension fund assets transferred to the state failed to offset a steep rise in foreign currency debt, most of it resulting from a weaker forint, a report on 2011 financing by the National Economy Ministry shows. http://www.bbj.hu/economy/hungary-central-govt-debt-up-in-2011-as-weaker-forint-offsets-bulk-of-securities-withdrawal_62503 2012-01-25T13:35:00+01:00 http://www.bbj.hu/economy/hungary-central-govt-debt-up-in-2011-as-weaker-forint-offsets-bulk-of-securities-withdrawal_62503 The Government Debt Management Agency (AKK) bought a combined HUF 25.1bn of bonds before maturity at a reverse auction on Wednesday. Selling offers totalled HUF 35.5bn. http://www.bbj.hu/economy/akk-buys-back-huf-251bn-of-bonds-at-reverse-auction_62501 2012-01-25T13:35:00+01:00 http://www.bbj.hu/economy/akk-buys-back-huf-251bn-of-bonds-at-reverse-auction_62501 Retail sales in Hungary grew a calendar-adjusted 1.1% in November 2011 from a year earlier and were up 0.2% from October according to data adjusted for seasonal and calendar effects, the Central Statistics Office (KSH) said on Wednesday. http://www.bbj.hu/economy/update---hungary-retail-sales-growth-up-at-11percent-in-year-to-november_62497 2012-01-25T11:40:00+01:00 http://www.bbj.hu/economy/update---hungary-retail-sales-growth-up-at-11percent-in-year-to-november_62497 Public sector workers with foreign currency-denominated mortgages will get interest subsidies and a one-off grant, depending on the number of children in their family, if they join an exchange rate limit system, the National Economy Ministry said on Wednesday. http://www.bbj.hu/economy/govt-offers-public-sector-workers-with-fx-mortgages-exchange-rate-limit-grant_62492 2012-01-25T11:35:00+01:00 http://www.bbj.hu/economy/govt-offers-public-sector-workers-with-fx-mortgages-exchange-rate-limit-grant_62492 Retail sales in Hungary grew a calendar-adjusted 1.1% in November 2011 from a year earlier and were up 0.2% from October according to data adjusted for seasonal and calendar effects, the Central Statistics Office (KSH) said on Wednesday. http://www.bbj.hu/economy/hungary-retail-sales-growth-up-at-11percent-in-year-to-november_62491 2012-01-25T10:20:00+01:00 http://www.bbj.hu/economy/hungary-retail-sales-growth-up-at-11percent-in-year-to-november_62491 The government will take all the measures necessary to keep Hungary’s deficit under the EU-stipulated maximum of 3% of GDP next year as well, National Economy Minister Gyorgy Matolcsy told journalists in Brussels after the Fiscal Council approved continuing Hungary’s excessive deficit procedure (EDP) on Tuesday. http://www.bbj.hu/economy/matolcsy-government-will-take-all-measures-to-keep-deficit-under-3percent-of-gdp_62485 2012-01-24T17:50:00+01:00 http://www.bbj.hu/economy/matolcsy-government-will-take-all-measures-to-keep-deficit-under-3percent-of-gdp_62485 Hungary’s risk assessment has to improve substantially and for a prolonged period of time in order to create the conditions for the National Bank of Hungary (MNB) to cut its base rate, MNB governor Andras Simor said on Tuesday. http://www.bbj.hu/economy/rate-cut-would-require-substantial-and-steady-improvement-of-risk-assessment---mnb-governor_62486 2012-01-24T17:50:00+01:00 http://www.bbj.hu/economy/rate-cut-would-require-substantial-and-steady-improvement-of-risk-assessment---mnb-governor_62486 Weak domestic demand and the monetary conditions maintained by National Bank of Hungary (MNB) limited the secondary inflationary effect of tax rises and the weaker forint last year, and the risk of longer-term second-round effects is low, the Monetary Council said on Tuesday. http://www.bbj.hu/economy/monetary-council-expects-second-round-inflationary-pressure-to-remain-moderate_62483 2012-01-24T17:45:00+01:00 http://www.bbj.hu/economy/monetary-council-expects-second-round-inflationary-pressure-to-remain-moderate_62483 European Union finance ministers endorse the European Commission’s view that Hungary has failed to make sufficient progress to narrow its fiscal deficit as part of an European Union procedure, Commission Vice President Olli Rehn said at a press conference following a meeting of Ecofin on Tuesday. http://www.bbj.hu/economy/ecofin-endorses-commission-view-hungary-fiscal-measures-are-inadequate_62481 2012-01-24T17:40:00+01:00 http://www.bbj.hu/economy/ecofin-endorses-commission-view-hungary-fiscal-measures-are-inadequate_62481 The market had expected the rate-setters to tighten policy, but were divided over whether they would raise rates by 25bp or 50bp. http://www.bbj.hu/economy/hungary-central-bank-keeps-rates-on-hold-in-surprise-move_62480 2012-01-24T17:30:00+01:00 http://www.bbj.hu/economy/hungary-central-bank-keeps-rates-on-hold-in-surprise-move_62480 The European Bank for Reconstruction and Development sees Hungary’s economy contracting by 1.5% in 2012, the bank said in its fresh "Regional Economic Perspectives" report published on Tuesday. http://www.bbj.hu/economy/ebrd-projects-hungarys-economy-will-contract-15percent-in-2012_62476 2012-01-24T13:45:00+01:00 http://www.bbj.hu/economy/ebrd-projects-hungarys-economy-will-contract-15percent-in-2012_62476 The Government Debt Management Agency (AKK) sold the announced amount of three-month discount T-bills on twofold subscription at an auction on Tuesday. Yields fell sharply from a week earlier but were slightly over Monday’s respective benchmark. http://www.bbj.hu/economy/demand-drops-yields-slightly-above-benchmark-at-three-month-t-bill-auction_62473 2012-01-24T13:40:00+01:00 http://www.bbj.hu/economy/demand-drops-yields-slightly-above-benchmark-at-three-month-t-bill-auction_62473 Hungary had a cash flow-based general government deficit, excluding local councils, of 6.2% of GDP last year, National Economy Ministry deputy state secretary Peter Banai said late Monday, after the ministry published a second reading of general government data. http://www.bbj.hu/economy/hungary-cash-flow-based-govt-deficit-62percent-of-gdp-in-2011_62469 2012-01-24T11:25:00+01:00 http://www.bbj.hu/economy/hungary-cash-flow-based-govt-deficit-62percent-of-gdp-in-2011_62469 About 15,000 Hungarian companies filed for VAT refunds of HUF 289bn the state must pay under a recent ruling by the European Court, daily Magyar Nemzet reported on Tuesday. http://www.bbj.hu/economy/hungarian-companies-apply-for-huf-289bn-in-vat-refunds-under-court-ruling_62466 2012-01-24T09:35:00+01:00 http://www.bbj.hu/economy/hungarian-companies-apply-for-huf-289bn-in-vat-refunds-under-court-ruling_62466 London-based emerging markets economists unanimously see Hungary’s central bank announcing another rate hike at its monetary policy meeting on Tuesday, but views are conflicting over the extent of the tightening, with some analysts anticipating a potential slowdown from the previous two 50bps hikes, an Econews survey conducted prior to Tuesday’s rate announcement reveals. http://www.bbj.hu/economy/mnb-rate-hike-certain-uncertain-by-how-much-says-city_62457 2012-01-24T07:00:00+01:00 http://www.bbj.hu/economy/mnb-rate-hike-certain-uncertain-by-how-much-says-city_62457 Hungary had a cash flow-based general government deficit, excluding local councils, of HUF 1,734.4bn at the end of December or 110.0% of the modified full-year target, the National Economy Ministry said in a second reading of the data on Monday. http://www.bbj.hu/economy/update---hungary-general-govt-deficit-in-2011-confirmed-at-110percent-of-modified-target_62455 2012-01-23T17:40:00+01:00 http://www.bbj.hu/economy/update---hungary-general-govt-deficit-in-2011-confirmed-at-110percent-of-modified-target_62455 Hungary had a cash flow-based general government deficit, excluding local councils, of HUF 1,734.4bn at the end of December or 110.0% of the modified full-year target, the National Economy Ministry said in a second reading of the data on Monday. http://www.bbj.hu/economy/hungary-general-govt-deficit-in-2011-confirmed-at-110percent-of-modified-target_62453 2012-01-23T17:10:00+01:00 http://www.bbj.hu/economy/hungary-general-govt-deficit-in-2011-confirmed-at-110percent-of-modified-target_62453 The National Bank of Hungary (MNB) received and accepted €295m bids for floating-rate three month EUR/HUF swaps at its regular weekly tender on Monday. http://www.bbj.hu/economy/demand-for-central-bank-three-month-fx-swaps-drops-from-last-weeks-near-peak_62452 2012-01-23T17:10:00+01:00 http://www.bbj.hu/economy/demand-for-central-bank-three-month-fx-swaps-drops-from-last-weeks-near-peak_62452 The government wants to subsidise the purchase by small tourism service providers of point-of-purchase terminals that can process payments with the SZEP Card, the main element of a new recreational voucher system, government commissioner for the issue of the cards Laszlo Kortvelyessy said on Monday. http://www.bbj.hu/economy/govt-wants-to-subsidise-purchase-of-pos-terminals-for-small-tourism-companies_62447 2012-01-23T13:25:00+01:00 http://www.bbj.hu/economy/govt-wants-to-subsidise-purchase-of-pos-terminals-for-small-tourism-companies_62447 Net transfers from the European Union to Hungary reached €1.7bn, a quarterly peak, in the fourth quarter of last year and pushed annual net EU transfers to an all-time high of €4.37bn in 2011, cash flow-based figures in the fresh quarterly report of the National Bank of Hungary (MNB) show. http://www.bbj.hu/economy/net-eu-transfers-to-hungary-reach-all-time-high-in-2011_62446 2012-01-23T13:20:00+01:00 http://www.bbj.hu/economy/net-eu-transfers-to-hungary-reach-all-time-high-in-2011_62446 GKI-Erste’s combined consumer and business confidence index slipped to -26.8 points in January from -24.6points in December, nearing its all-time low of -27.6 points in November 2009. http://www.bbj.hu/economy/gki-erste-consumer-business-confidence-nears-all-time-low_62442 2012-01-23T10:05:00+01:00 http://www.bbj.hu/economy/gki-erste-consumer-business-confidence-nears-all-time-low_62442 Minister without portfolio Tamas Fellegi recapped a "very busy two weeks" of talks preparing for the official negotiations of a financial assistance package for Hungary at a press conference in Brussels on Friday. http://www.bbj.hu/economy/fellegi-recaps-busy-fortnight-of-talks-preparing-for-financial-assistance-negotiations_62425 2012-01-20T15:55:00+01:00 http://www.bbj.hu/economy/fellegi-recaps-busy-fortnight-of-talks-preparing-for-financial-assistance-negotiations_62425 Gross wages in Hungary rose 6.0% yr/yr in November, little changed from 6.1% in October, the Central Statistics Office (KSH) said on Friday. http://www.bbj.hu/economy/update---gross-wages-rise-6percent-yr-yr-in-november_62422 2012-01-20T13:10:00+01:00 http://www.bbj.hu/economy/update---gross-wages-rise-6percent-yr-yr-in-november_62422 It is now up to the International Monetary Fund to decide whether to offer Hungary a Stand-By Arrangement, a precautionary loan or a combination of the two, state secretary in charge of the Prime Minister’s Office Mihaly Varga said in an interview on public television on Friday. http://www.bbj.hu/economy/ball-is-in-imfs-court-on-hungary-financial-assistance-official-says_62419 2012-01-20T11:45:00+01:00 http://www.bbj.hu/economy/ball-is-in-imfs-court-on-hungary-financial-assistance-official-says_62419 Hungary’s cereals harvest reached 13.8m tonnes in 2011, up 12.2% from the previous year and 2.9% more than the average annual harvest in 2006-2010, the Central Statistics Office said on Friday, citing preliminary data. http://www.bbj.hu/economy/hungary-cereal-harvest-up-12percent-in-2011_62414 2012-01-20T09:45:00+01:00 http://www.bbj.hu/economy/hungary-cereal-harvest-up-12percent-in-2011_62414 Gross wages in Hungary rose 6.0% yr/yr in November, little changed from 6.1% in October, the Central Statistics Office (KSH) said on Friday. http://www.bbj.hu/economy/gross-wages-rise-6percent-yr-yr-in-november_62413 2012-01-20T09:45:00+01:00 http://www.bbj.hu/economy/gross-wages-rise-6percent-yr-yr-in-november_62413 Default insurance costs on Hungary’s sovereign debt reached a low for the new year in markets in London on Thursday as investors saw hope for a an agreement on financial assistance for the country from the International Monetary Fund and the European Union. http://www.bbj.hu/economy/hungary-default-insurance-cost-eases-to-low-for-the-year_62410 2012-01-19T18:10:00+01:00 http://www.bbj.hu/economy/hungary-default-insurance-cost-eases-to-low-for-the-year_62410 Representatives of the International Monetary Fund told Hungarian minister without portfolio Tamas Fellegi in Washington that Hungary had to reach an agreement with the European Union on matters of fiscal policy and the central bank before it would start official negotiations on financial assistance for the country, a summary of the talks obtained by internet portal Index.hu shows. http://www.bbj.hu/economy/hungary-must-reach-agreement-on-fiscal-policy-central-bank-with-eu-before-imf-begins-talks_62406 2012-01-19T18:05:00+01:00 http://www.bbj.hu/economy/hungary-must-reach-agreement-on-fiscal-policy-central-bank-with-eu-before-imf-begins-talks_62406 Hungary’s government hopes to close talks with the International Monetary Fund and the European Union on a financial safety net in the first quarter of this year, state secretary for economic strategy Zoltan Csefalvay said in an interview with a regional German radio broadcaster on Thursday. http://www.bbj.hu/economy/hungary-govt-expects-to-close-talks-with-imf-eu-in-q1_62405 2012-01-19T18:00:00+01:00 http://www.bbj.hu/economy/hungary-govt-expects-to-close-talks-with-imf-eu-in-q1_62405 Hungary’s tobacco industry grew almost 10% to HUF 500bn last year, industry insiders said at a press conference organised by the Hungarian Association of Tobacco Industry Investors (DBMSZ) on Thursday. http://www.bbj.hu/economy/update---hungary-tobacco-industry-expands-to-huf-500bn-in-2011_62404 2012-01-19T17:55:00+01:00 http://www.bbj.hu/economy/update---hungary-tobacco-industry-expands-to-huf-500bn-in-2011_62404 Yields fell at an auction of twelve-month discount T-bills by the Government Debt Management Agency (AKK) on Thursday. http://www.bbj.hu/economy/update---yields-fall-at-twelve-month-t-bill-auction_62402 2012-01-19T15:15:00+01:00 http://www.bbj.hu/economy/update---yields-fall-at-twelve-month-t-bill-auction_62402 The National Bank of Hungary’s Monetary Council is likely to raise rates by another 50bp at a meeting on Tuesday, according to a poll of analysts by Reuters. http://www.bbj.hu/economy/mnb-likely-to-raise-rates-50bp-at-tues-meeting---reuters-poll_62403 2012-01-19T15:10:00+01:00 http://www.bbj.hu/economy/mnb-likely-to-raise-rates-50bp-at-tues-meeting---reuters-poll_62403 Hungary’s tobacco industry grew almost 10% to HUF 500bn last year, industry insiders said at a press conference organised by the Hungarian Association of Tobacco Industry Investors (DBMSZ) on Thursday. http://www.bbj.hu/economy/hungary-tobacco-industry-expands-to-huf-500bn-in-2011_62399 2012-01-19T13:35:00+01:00 http://www.bbj.hu/economy/hungary-tobacco-industry-expands-to-huf-500bn-in-2011_62399 More than 10,000 employers posted almost 33,000 new jobs at employment offices in Hungary last December, figures published on the website of the National Labour Affairs Office (NMH) show. http://www.bbj.hu/economy/number-of-new-jobs-rise-in-december_62397 2012-01-19T11:45:00+01:00 http://www.bbj.hu/economy/number-of-new-jobs-rise-in-december_62397 Yields fell at an auction of twelve-month discount T-bills by the Government Debt Management Agency (AKK) on Thursday. http://www.bbj.hu/economy/yields-fall-at-twelve-month-t-bill-auction_62396 2012-01-19T11:45:00+01:00 http://www.bbj.hu/economy/yields-fall-at-twelve-month-t-bill-auction_62396 The government is drafting an amendment that would take management of "baby bonds" from banks and give it to the state. http://www.bbj.hu/economy/state-not-banks-to-manage-baby-bonds---paper_62394 2012-01-19T09:55:00+01:00 http://www.bbj.hu/economy/state-not-banks-to-manage-baby-bonds---paper_62394 The euro-zone debt crisis should be resolved in a way that causes no damage to states outside the zone, National Bank of Hungary (MNB) governor Andras Simor said during a roundtable discussion at the Euromoney financial conference in Vienna on Wednesday. http://www.bbj.hu/economy/update---mnb-governor-says-resolution-of-eurozone-crisis-should-not-harm-non-zone-states_62378 2012-01-18T16:00:00+01:00 http://www.bbj.hu/economy/update---mnb-governor-says-resolution-of-eurozone-crisis-should-not-harm-non-zone-states_62378 The euro-zone debt crisis should be resolved in a way that causes no damage to states outside the zone, National Bank of Hungary (MNB) governor Andras Simor said during a roundtable discussion at the Euromoney financial conference in Vienna on Wednesday. http://www.bbj.hu/economy/mnb-governor-says-resolution-of-eurozone-crisis-should-not-harm-non-zone-states_62374 2012-01-18T14:15:00+01:00 http://www.bbj.hu/economy/mnb-governor-says-resolution-of-eurozone-crisis-should-not-harm-non-zone-states_62374 Representatives from Hungary, the Organization of Economic Cooperation and Development (OECD) Secretariat, all of the organization’s 34 member states, the European Commission and the International Monetary Fund met at the OECD’s headquarters in Paris on Tuesday to discuss the draft of the organization’s regular report on the Hungarian economy. http://www.bbj.hu/economy/delegations-discuss-oecd-draft-report-on-hungarys-economy_62366 2012-01-18T11:20:00+01:00 http://www.bbj.hu/economy/delegations-discuss-oecd-draft-report-on-hungarys-economy_62366 The government plans to decide early this week on planned support to help public sector workers to repay their FX mortgages, Government Spokesman Andras Giro-Szasz told the press on Tuesday. http://www.bbj.hu/economy/govt-to-decide-on-way-of-helping-public-employees-to-repay-fx-mortgages-this-week_62365 2012-01-18T11:20:00+01:00 http://www.bbj.hu/economy/govt-to-decide-on-way-of-helping-public-employees-to-repay-fx-mortgages-this-week_62365 Hungary’s government on Monday approved a proposal that would expand the range of the subsidy available to employers who raise wages to compensate lower earners for tax changes, government spokesman Andras Giro-Szasz said on Tuesday. http://www.bbj.hu/economy/govt-clears-proposal-expanding-range-of-wage-subsidies_62350 2012-01-17T12:05:00+01:00 http://www.bbj.hu/economy/govt-clears-proposal-expanding-range-of-wage-subsidies_62350 The Government Debt Management Agency (AKK) raised its sales of three-month discount T-bills on almost fourfold demand at an auction on Tuesday. http://www.bbj.hu/economy/demand-strong-yields-down-at-three-month-t-bill-auction_62348 2012-01-17T12:05:00+01:00 http://www.bbj.hu/economy/demand-strong-yields-down-at-three-month-t-bill-auction_62348 Hungary’s Government Debt Management Agency (AKK) plans net forint issues of HUF 279bn in February-April, AKK’s latest three-month forint issue plan shows. http://www.bbj.hu/economy/hungary-govt-debt-manager-plans-net-forint-issues-of-huf-280bn-in-feb-april_62341 2012-01-16T17:55:00+01:00 http://www.bbj.hu/economy/hungary-govt-debt-manager-plans-net-forint-issues-of-huf-280bn-in-feb-april_62341 Prime Minister Viktor Orban on Monday morning introduced the government’s new rural-development programme called the Daranyi Ignac Plan. http://www.bbj.hu/economy/update---govt-launches-new-rural-development-programme_62338 2012-01-16T14:50:00+01:00 http://www.bbj.hu/economy/update---govt-launches-new-rural-development-programme_62338 An ongoing frequency auction for frequency blocks in the 900 MHz band could bring the central budget HUF 30bn-33bn in revenue, and it will result in a state company becoming the fourth mobile service provider on the market, the national daily Nepszabadsag reported on Monday, citing market information. http://www.bbj.hu/economy/frequency-auction-could-bring-state-revenue-of-huf-30bn-33bn_62335 2012-01-16T11:50:00+01:00 http://www.bbj.hu/economy/frequency-auction-could-bring-state-revenue-of-huf-30bn-33bn_62335 Prime Minister Viktor Orban on Monday morning introduced the government’s new rural-development programme called the Daranyi Ignac Plan. http://www.bbj.hu/economy/govt-launches-new-rural-development-programme_62332 2012-01-16T11:45:00+01:00 http://www.bbj.hu/economy/govt-launches-new-rural-development-programme_62332 Hungary’s performance in the construction industry improved in November, but this does not indicate an end to the decline that has been taking place in the sector for the past five years, Laszlo Koji, deputy head of building sector association EVOSZ, said on Monday, after the Central Statistics Office (KSH) published fresh data on the sector. http://www.bbj.hu/economy/hungary-construction-output-up-in-nov-but-still-on-declining-trend_62331 2012-01-16T11:45:00+01:00 http://www.bbj.hu/economy/hungary-construction-output-up-in-nov-but-still-on-declining-trend_62331 Output of Hungary’s construction sector was up 3.6% in November from the same month a year, lifted by road and railways renovation projects from a very low base, the Central Statistics Office (KSH) said on Monday. http://www.bbj.hu/economy/hungary-construction-sector-up-36percent-yr-yr-in-november_62328 2012-01-16T10:05:00+01:00 http://www.bbj.hu/economy/hungary-construction-sector-up-36percent-yr-yr-in-november_62328 Hungary’s consumer inflation is likely to accelerate after the considerably south-of-consensus 4.1% year-on-year headline rate last month, but monetary policy moves will continue to be driven by the risk environment, London-based emerging markets analysts said after CPI figures for December had been released on Friday. http://www.bbj.hu/economy/cpi-to-accelerate-after-soft-dec-figures-but-mnb-is-driven-by-risks-says-city_62326 2012-01-13T18:30:00+01:00 http://www.bbj.hu/economy/cpi-to-accelerate-after-soft-dec-figures-but-mnb-is-driven-by-risks-says-city_62326 Hungary’s government has decided to suspend mandatory reinjection of thermal water used exclusively for energy until June 30, 2015, the Rural Development Ministry said on Friday. http://www.bbj.hu/economy/govt-suspends-reinjection-requirement-for-thermal-water-till-2015_62322 2012-01-13T15:25:00+01:00 http://www.bbj.hu/economy/govt-suspends-reinjection-requirement-for-thermal-water-till-2015_62322 Hungary’s talks with the International Monetary Fund on financial assistance depend on the government’s commitment to engaging on all policy issues affecting macroeconomic policy, IMF managing director Christine Lagarde said in a statement late Thursday, after talks with Hungarian minister without portfolio Tamas Fellegi. http://www.bbj.hu/economy/fellegi-engagement-on-all-issues-affects-macro-policy-condition-for-imf-talks_62320 2012-01-13T13:40:00+01:00 http://www.bbj.hu/economy/fellegi-engagement-on-all-issues-affects-macro-policy-condition-for-imf-talks_62320 The December increase in consumer prices in Hungary was in line with expectations, but analysts said tax increases introduced at the start of 2012 would probably lift CPI in January. http://www.bbj.hu/economy/dec-price-rise-no-surprise;-vat-increase-to-lift-jan-cpi---analysts_62318 2012-01-13T13:40:00+01:00 http://www.bbj.hu/economy/dec-price-rise-no-surprise;-vat-increase-to-lift-jan-cpi---analysts_62318 Hungary’s industrial output rose 3.5% yr/yr in November according to both adjusted and unadjusted figures, the Central Statistics Office (KSH) said on Friday, as export growth accelerated and domestic sales dropped less than a month earlier. http://www.bbj.hu/economy/update---industrial-output-up-35percent-as-exports-rise-more-domestic-sales-drop-less_62316 2012-01-13T13:30:00+01:00 http://www.bbj.hu/economy/update---industrial-output-up-35percent-as-exports-rise-more-domestic-sales-drop-less_62316 Vehicle fuel sales in Hungary fell 2.7% to 2.88bn litres in 2011, data from the Hungarian Petroleum Association (MASZ) show. http://www.bbj.hu/economy/vehicle-fuel-sales-fall-27percent-in-2011_62314 2012-01-13T11:30:00+01:00 http://www.bbj.hu/economy/vehicle-fuel-sales-fall-27percent-in-2011_62314 Hungary needs a turnaround in economic policy to recover from the current difficult economic situation, it must fully comply with the European Union regulations, the tax system must be amended and the central bank act must be brought in line with expectations, business daily Vilaggazdasag said on Friday, quoting chairman of the National Bank of Hungary supervisory board Zsigmond Jarai. http://www.bbj.hu/economy/central-bank-supervisory-board-chairman-calls-for-new-economic-policy_62313 2012-01-13T11:30:00+01:00 http://www.bbj.hu/economy/central-bank-supervisory-board-chairman-calls-for-new-economic-policy_62313 State lottery company Szerencsejatek generated revenue of HUF 180bn in 2011, up 9.1% from 2010, the business daily Vilaggazdasag reported on Friday. http://www.bbj.hu/economy/state-lottery-company-revenue-up-9percent--in-2011_62311 2012-01-13T11:30:00+01:00 http://www.bbj.hu/economy/state-lottery-company-revenue-up-9percent--in-2011_62311 Hungary is ready to act under an agreed programme with the IMF, it now expects a standby agreement, and the IMF wants to see steps showing the government’s strong committment before deciding on starting negotiations, statements by Hungarian Minister without portfolio Tamas Fellegi and IMF managing director Christine Lagarde late Thursday show. http://www.bbj.hu/economy/imf-wants-steps-before-deciding-on-hungary-credit_62308 2012-01-13T10:05:00+01:00 http://www.bbj.hu/economy/imf-wants-steps-before-deciding-on-hungary-credit_62308 Hungary’s industrial output rose 3.5% yr/yr in November according to both adjusted and unadjusted figures, the Central Statistics Office (KSH) said on Friday, as export growth accelerated and domestic sales dropped less than a month earlier. http://www.bbj.hu/economy/industrial-output-up-35percent-as-exports-rise-more-domestic-sales-drop-less_62307 2012-01-13T10:00:00+01:00 http://www.bbj.hu/economy/industrial-output-up-35percent-as-exports-rise-more-domestic-sales-drop-less_62307 Consumer prices in Hungary rose 4.1% year-on-year in December, slowing from a 4.3% increase in November, the Central Statistics Office (KSH) said on Friday. http://www.bbj.hu/economy/hungary-consumer-price-increase-slows-to-41percent-in-december_62306 2012-01-13T10:00:00+01:00 http://www.bbj.hu/economy/hungary-consumer-price-increase-slows-to-41percent-in-december_62306 Hungary’s Government Debt Management Agency (AKK) raised its offers for all three terms on strong demand at a bond auction on Thursday. http://www.bbj.hu/economy/akk-raises-offers-on-strong-demand-at-bond-auction_62296 2012-01-12T14:50:00+01:00 http://www.bbj.hu/economy/akk-raises-offers-on-strong-demand-at-bond-auction_62296 A funding deal between Hungary and the IMF would be positive but would not automatically trigger an improvement in the crisis-racked country’s rating outlook, a senior official from Fitch rating agency told Reuters on Thursday. http://www.bbj.hu/economy/imf-eu-deal-no-automatic-trigger-for-improved-rating-outlook-says-fitch_62295 2012-01-12T14:45:00+01:00 http://www.bbj.hu/economy/imf-eu-deal-no-automatic-trigger-for-improved-rating-outlook-says-fitch_62295 An agreement reached earlier between Hungarian banks and the government could be of help at Hungary’s talks with the International Monetary Fund, Hungarian Banking Association chairman Mihaly Patai said in an interview in the fresh issue of weekly Heti Valasz. http://www.bbj.hu/economy/govt-agreement-with-banks-could-help-at-imf-talk---paper_62288 2012-01-12T11:30:00+01:00 http://www.bbj.hu/economy/govt-agreement-with-banks-could-help-at-imf-talk---paper_62288 The National Economy Ministry on Wednesday reiterated that talks underway with the International Monetary Fund aim to prepare for official negotiations and establish preliminary positions. http://www.bbj.hu/economy/talks-with-imf-preparation-for-official-negotiations-says-ministry_62287 2012-01-12T09:55:00+01:00 http://www.bbj.hu/economy/talks-with-imf-preparation-for-official-negotiations-says-ministry_62287 Farm gate prices in Hungary rose 11.8% year-on-year in November, slowing from a 13.4% increase in October, the Central Statistics Office (KSH) said on Thursday. http://www.bbj.hu/economy/hungary-farm-gate-prices-climb-118percent-in-november_62285 2012-01-12T09:55:00+01:00 http://www.bbj.hu/economy/hungary-farm-gate-prices-climb-118percent-in-november_62285 More than 6,700 jobs will cease to exist in the public sector under a cabinet decision published in the official gazette Magyar Kozlony on Wednesday. http://www.bbj.hu/economy/over-6700-to-be-laid-off-in-public-sector_62284 2012-01-12T09:50:00+01:00 http://www.bbj.hu/economy/over-6700-to-be-laid-off-in-public-sector_62284 The National Bank of Hungary’s Monetary Council voted 5:2 to raise the central bank’s key rate by 50bp to 7.00% at a meeting on December 20, the condensed minutes of the meeting published on Wednesday show. http://www.bbj.hu/economy/rate-setters-voted-52-for-december-tightening-minutes-show_62278 2012-01-11T15:25:00+01:00 http://www.bbj.hu/economy/rate-setters-voted-52-for-december-tightening-minutes-show_62278 Analysts estimate consumer price inflation slowed to 4.1% year-on-year in December from 4.3% in November, business daily Napi Gazdasag said on Wednesday. http://www.bbj.hu/economy/analysts-put-dec-cpi-at-41percent_62277 2012-01-11T15:25:00+01:00 http://www.bbj.hu/economy/analysts-put-dec-cpi-at-41percent_62277 The European Commission on Wednesday said Hungary had failed to make sufficient progress to narrow its fiscal deficit as part of an European Union procedure. http://www.bbj.hu/economy/european-commission-gives-hungary-bad-marks-in-excessive-deficit-procedure_62275 2012-01-11T13:55:00+01:00 http://www.bbj.hu/economy/european-commission-gives-hungary-bad-marks-in-excessive-deficit-procedure_62275 Hungary’s National Economy Ministry has submitted an proposal to the government that would expand the range of the subsidy available to employers who raise wages to compensate lower earners for tax changes, state secretary for employment Sandor Czomba said in an interview published in Wednesday’s issue of business daily Vilaggazdasag. http://www.bbj.hu/economy/ministry-proposal-would-expand-wage-compensation-subsidy_62273 2012-01-11T13:50:00+01:00 http://www.bbj.hu/economy/ministry-proposal-would-expand-wage-compensation-subsidy_62273 The outlook of Hungarian SMEs continues to deteriorate, a gauge of confidence in the sector by OTP Bank and Policy Agenda shows. http://www.bbj.hu/economy/otp-outlook-for-hungarian-smes-worsens_62269 2012-01-11T12:00:00+01:00 http://www.bbj.hu/economy/otp-outlook-for-hungarian-smes-worsens_62269 A deal with the IMF "now looks closer than it has done for some time" but it would be "complacent" to think that there are no further obstacles ahead and that a deal can be secured quickly, London-based emerging markets analysts said on Tuesday. http://www.bbj.hu/economy/imf-programme-closer-than-before-but-dont-expect-quick-deal-says-city_62265 2012-01-11T09:50:00+01:00 http://www.bbj.hu/economy/imf-programme-closer-than-before-but-dont-expect-quick-deal-says-city_62265 The National Economy Ministry on Tuesday confirmed that Hungary’s ESA accrual-based general government deficit, excluding one-off items, would be under the target of 2. http://www.bbj.hu/economy/ministry-says-hungary-will-meet-esa-deficit_62256 2012-01-10T17:35:00+01:00 http://www.bbj.hu/economy/ministry-says-hungary-will-meet-esa-deficit_62256 The Monetary Council of the National Bank of Hungary (MNB) said it stands ready, if necessary, to use the available tools to maintain a predictable economic environment, ensure price stability and preserve the stability of the financial system, thus contributing to economic growth, the central bank said after a non-rate-setting meeting of the Council on Tuesday. http://www.bbj.hu/economy/monetary-council-ready-to-use-available-tools-to-preserve-price-financial-stability_62253 2012-01-10T15:25:00+01:00 http://www.bbj.hu/economy/monetary-council-ready-to-use-available-tools-to-preserve-price-financial-stability_62253 Arpad Kovacs, the former head of the State Audit Office (ASZ), was appointed on Tuesday by the president of the republic to chair the Fiscal Council. http://www.bbj.hu/economy/update---former-state-audit-office-chief-to-chair-fiscal-council_62250 2012-01-10T15:20:00+01:00 http://www.bbj.hu/economy/update---former-state-audit-office-chief-to-chair-fiscal-council_62250 Hungary's government could take a decision on troubled national carrier Malev already at a cabinet meeting on January 16, based on proposals by the National Development Ministry, the ministry said on Tuesday. http://www.bbj.hu/economy/govt-could-take-decision-on-malev-on-jan-16-_62249 2012-01-10T15:20:00+01:00 http://www.bbj.hu/economy/govt-could-take-decision-on-malev-on-jan-16-_62249 Retail food sales in Hungary rose 4% in value terms in the twelve months to last November from the previous twelve-month period, market research company Nielsen told MTI on Tuesday. http://www.bbj.hu/economy/hungary-retail-food-sales-edge-up-4percent---nielsen_62248 2012-01-10T15:15:00+01:00 http://www.bbj.hu/economy/hungary-retail-food-sales-edge-up-4percent---nielsen_62248 Arpad Kovacs, the former head of the State Audit Office (ASZ), was appointed on Tuesday by the president of the republic to chair the Fiscal Council. http://www.bbj.hu/economy/former-state-audit-office-chief-to-chair-fiscal-council_62240 2012-01-10T11:50:00+01:00 http://www.bbj.hu/economy/former-state-audit-office-chief-to-chair-fiscal-council_62240 Demand was strong and yields fell at an auction of discount three-month T-bills by the Government Debt Management Agency (AKK) on Tuesday. http://www.bbj.hu/economy/demand-strong-yields-down-at-three-month-t-bill-auction_62238 2012-01-10T11:50:00+01:00 http://www.bbj.hu/economy/demand-strong-yields-down-at-three-month-t-bill-auction_62238 Fiscal Council Chairman Zsigmond Jarai told MTI on Tuesday morning that he has resigned from the post effective immediately. http://www.bbj.hu/economy/fiscal-council-chairman-jarai-resigns_62232 2012-01-10T09:55:00+01:00 http://www.bbj.hu/economy/fiscal-council-chairman-jarai-resigns_62232 Hungary had a cash flow-based general government deficit, excluding local councils, of HUF 1,734.4bn at the end of December or 110.0% of the modified full-year target, the National Economy Ministry said in a preliminary report on Monday. http://www.bbj.hu/economy/hungary-general-govt-deficit-110percent-of-target-in-2011_62229 2012-01-09T17:55:00+01:00 http://www.bbj.hu/economy/hungary-general-govt-deficit-110percent-of-target-in-2011_62229 The Government Debt Management Agency (AKK) on Monday announced offers for a bond auction to be held on Thursday, in line with a newly adopted practice. http://www.bbj.hu/economy/akk-announces-bond-offers-for-thursday-auction_62226 2012-01-09T16:20:00+01:00 http://www.bbj.hu/economy/akk-announces-bond-offers-for-thursday-auction_62226 The government has prepared a report for the Council of the EU and the European Commission on its measures taken in order to have the EU’s excessive deficit procedure abrogated, describing the consolidation measures included in the 2012 budget act in order to achieve the deficit target of 2.5% of GDP, according to a document dated December 2011 and posted on the official government website kormany.hu now. http://www.bbj.hu/economy/govt-prepares-report-on-measures-to-have-eu-excessive-deficit-procedure-abrogated_62224 2012-01-09T16:15:00+01:00 http://www.bbj.hu/economy/govt-prepares-report-on-measures-to-have-eu-excessive-deficit-procedure-abrogated_62224 The National Bank of Hungary (MNB) received and accepted €40m bids for floating-rate three month EUR/HUF swaps at its regular weekly tender on Monday. http://www.bbj.hu/economy/demand-for-three-month-fx-swaps-drops-to-eur40m-at-central-bank-tender_62223 2012-01-09T16:15:00+01:00 http://www.bbj.hu/economy/demand-for-three-month-fx-swaps-drops-to-eur40m-at-central-bank-tender_62223 Hungary’s trade surplus was less than expected in November, analysts told MTI. http://www.bbj.hu/economy/nov-trade-surplus-smaller-than-expected---analysts_62219 2012-01-09T13:40:00+01:00 http://www.bbj.hu/economy/nov-trade-surplus-smaller-than-expected---analysts_62219 As Parliament has adopted legislation constituting the new economic system, there will be no economic laws on Parliament’s agenda in the next months, and "everyone can be certain that the government will not submit any bills regarding the economy during the talks", Prime Minister Orban said. http://www.bbj.hu/economy/hungary-has-no-preconditions-for-imf-talks-pm-says-–-part-2_62216 2012-01-09T11:25:00+01:00 http://www.bbj.hu/economy/hungary-has-no-preconditions-for-imf-talks-pm-says-–-part-2_62216 A decision by Fitch Ratings on Friday to downgrade Hungary’s sovereign rating under investment grade was unfounded, the National Economy Ministry said. http://www.bbj.hu/economy/fitch-downgrade-unfounded-says-ministry_62210 2012-01-09T09:10:00+01:00 http://www.bbj.hu/economy/fitch-downgrade-unfounded-says-ministry_62210 Import growth picked up to exceed slower export growth in November 2011 with Hungary registering a €666m trade surplus in the month, the Central Statistics Office (KSH) said on Monday. http://www.bbj.hu/economy/hungary-export-growth-slows-import-picks-up-in-november_62209 2012-01-09T09:10:00+01:00 http://www.bbj.hu/economy/hungary-export-growth-slows-import-picks-up-in-november_62209 Concerning Hungary's economic laws, including the new central bank act, Orban said the arguments he had received were all of a political nature, and he saw no reason why parliament should amend any of them. He added, however, that the government was open to receive and consider "any opinion or idea". http://www.bbj.hu/economy/hungary-has-no-preconditions-for-imf-talks-says-pm-orban_62208 2012-01-09T06:00:00+01:00 http://www.bbj.hu/economy/hungary-has-no-preconditions-for-imf-talks-says-pm-orban_62208 A precautionary programme from the International Monetary Fund, prepared in the framework of a strict fiscal policy, could help ease existing tensions in Hungary by increasing reserves and introducing a package of stability measures, according to a report prepared for a meeting of the IMF board on January 18 obtained by business weekly Figyelo. http://www.bbj.hu/economy/draft-imf-report-says-hungary-needs-bigger-reserves-stability-package---paper_62204 2012-01-06T17:20:00+01:00 http://www.bbj.hu/economy/draft-imf-report-says-hungary-needs-bigger-reserves-stability-package---paper_62204 Bank deposits in Hungary are safe and secure, government spokesman Andras Giro-Szasz said on Friday. http://www.bbj.hu/economy/bank-deposits-safe-and-secure-says-govt-spokesman_62203 2012-01-06T17:20:00+01:00 http://www.bbj.hu/economy/bank-deposits-safe-and-secure-says-govt-spokesman_62203 Hungary’s government was surprised by a decision by Fitch Ratings on Friday to downgrade Hungary’s sovereign rating, bringing it under investor grade, government spokesman Andras Giro-Szasz said. http://www.bbj.hu/economy/fitch-downgrade-surprises-hungarys-govt_62202 2012-01-06T17:20:00+01:00 http://www.bbj.hu/economy/fitch-downgrade-surprises-hungarys-govt_62202 The Budapest Public Transport Company (BKV) can only refinance a HUF 45bn loan repayment due in the first quarter if its operating financing is stabilised, Budapest mayor Istvan Tarlos told MTI on Friday. http://www.bbj.hu/economy/budapest-mayor-convenes-extraordinary-council-session-over-bkv_62198 2012-01-06T15:15:00+01:00 http://www.bbj.hu/economy/budapest-mayor-convenes-extraordinary-council-session-over-bkv_62198 Fitch Ratings on Friday said it downgraded long-term foreign and local currency Issuer Default Ratings (IDR) by one notch to ‘BB+’ and ‘BBB-’, from ‘BBB-’ and ‘BBB’, with a negative outlook. http://www.bbj.hu/economy/fitch-downgrades-hungary-to-junk_62197 2012-01-06T15:15:00+01:00 http://www.bbj.hu/economy/fitch-downgrades-hungary-to-junk_62197 The government and the central bank must work together in the closest possible cooperation to strengthen confidence in the forint, Prime Minister Viktor Orban said after a meeting with National Bank of Hungary governor Andras Simor. http://www.bbj.hu/economy/update---pm-stresses-close-cooperation-between-govt-central-bank-to-restore-confidence-in-forint_62194 2012-01-06T13:20:00+01:00 http://www.bbj.hu/economy/update---pm-stresses-close-cooperation-between-govt-central-bank-to-restore-confidence-in-forint_62194 The government and the central bank must work together in the closest possible cooperation to strengthen confidence in the forint, Prime Minister Viktor Orban said after a meeting with National Bank of Hungary governor Andras Simor. http://www.bbj.hu/economy/pm-stresses-close-cooperation-between-govt-central-bank-to-restore-confidence-in-forint_62193 2012-01-06T11:40:00+01:00 http://www.bbj.hu/economy/pm-stresses-close-cooperation-between-govt-central-bank-to-restore-confidence-in-forint_62193 The government categorically denies any speculation that the state intends to take control of individual savings accounts, Government Spokesman Andras Giro-Szasz said on a television program on Friday. http://www.bbj.hu/economy/spokesman-rejects-speculation-govt-has-sights-on-individual-bank-accounts_62191 2012-01-06T11:35:00+01:00 http://www.bbj.hu/economy/spokesman-rejects-speculation-govt-has-sights-on-individual-bank-accounts_62191 Industrial producer prices in Hungary rose 2.5% in November from October and were up 8.0% in twelve months, figures published by the Central Statistics Office (KSH) on Friday show. http://www.bbj.hu/economy/update---november-ppi-up-25percent-from-oct-up-8percent-yr-yr_62190 2012-01-06T11:30:00+01:00 http://www.bbj.hu/economy/update---november-ppi-up-25percent-from-oct-up-8percent-yr-yr_62190 Hungary’s industrial output rose 3.5% year-on-year in November after a 3.0% rise in October according to both unadjusted and workday-adjusted figures, the Central Statistics Office (KSH) said in a first reading on Friday. http://www.bbj.hu/economy/industrial-output-up-35percent-yr-yr-in-november_62186 2012-01-06T09:35:00+01:00 http://www.bbj.hu/economy/industrial-output-up-35percent-yr-yr-in-november_62186 Industrial producer prices in Hungary rose 2.5% in November from October and were up 8.0% in twelve months, figures published by the Central Statistics Office (KSH) on Friday show. http://www.bbj.hu/economy/november-ppi-up-25percent-from-oct-up-8percent-yr-yr_62185 2012-01-06T09:35:00+01:00 http://www.bbj.hu/economy/november-ppi-up-25percent-from-oct-up-8percent-yr-yr_62185 Hungary met its cash flow-based central government balance target in 2011, according to preliminary data and excluding extraordinary and one-off items, which could help the country to achieve its deficit targets in 2012 and 2013, National Economy Minister Gyorgy Matolcsy said in a letter sent to European Commission vice-president Olli Rehn. http://www.bbj.hu/economy/hungary-met-2011-central-govt-balance-target-matolcsy-tells-rehn_62177 2012-01-05T17:40:00+01:00 http://www.bbj.hu/economy/hungary-met-2011-central-govt-balance-target-matolcsy-tells-rehn_62177 Hungary’s government expects results from talks with the International Monetary Fund on financial assistance, spokesperson for governing Fidesz Gabriella Selmeczi said on Thursday. http://www.bbj.hu/economy/govt-expects-result-from-imf-talks---fidesz-spokesperson_62174 2012-01-05T17:40:00+01:00 http://www.bbj.hu/economy/govt-expects-result-from-imf-talks---fidesz-spokesperson_62174 Online retail sales in Hungary climbed 17% to HUF 155bn in 2011, GKIeNET said on Thursday, citing preliminary data. http://www.bbj.hu/economy/hungary-online-retail-sales-reach-huf-155bn-in-2011_62171 2012-01-05T15:25:00+01:00 http://www.bbj.hu/economy/hungary-online-retail-sales-reach-huf-155bn-in-2011_62171 Remarks by Janos Lazar, parliamentary group leader of governing Fidesz, suggesting that there was a lack of cooperation between the government and the National Bank of Hungary are inaccurate, the central bank said when asked by MTI on Thursday. http://www.bbj.hu/economy/fidesz-mps-description-of-govt-central-bank-cooperation-inaccurate-says-mnb_62168 2012-01-05T15:25:00+01:00 http://www.bbj.hu/economy/fidesz-mps-description-of-govt-central-bank-cooperation-inaccurate-says-mnb_62168 The government is aware of the gravity of the situation and of what is stake in talks with the International Monetary Fund, minister without portfolio Tamas Fellegi, who is to head Hungary’s delegation at the talks, said on Thursday. http://www.bbj.hu/economy/update---govt-wants-to-agree-with-imf-as-quickly-as-possible-fellegi-says_62167 2012-01-05T13:20:00+01:00 http://www.bbj.hu/economy/update---govt-wants-to-agree-with-imf-as-quickly-as-possible-fellegi-says_62167 Yields rose sharply and the Government Debt Management Agency (AKK) cut its offer at an auction of twelve-month discount T-bills on Thursday. http://www.bbj.hu/economy/yields-jump-at-twelve-month-t-bill-auction_62164 2012-01-05T13:20:00+01:00 http://www.bbj.hu/economy/yields-jump-at-twelve-month-t-bill-auction_62164 The government is aware of the gravity of the situation and of what is stake in talks with the International Monetary Fund, minister without portfolio Tamas Fellegi, who is to head Hungary’s delegation at the talks, said on Thursday. http://www.bbj.hu/economy/govt-wants-to-agree-with-imf-as-quickly-as-possible-fellegi-says_62161 2012-01-05T11:55:00+01:00 http://www.bbj.hu/economy/govt-wants-to-agree-with-imf-as-quickly-as-possible-fellegi-says_62161 The percentage of FX borrowers participating in the government’s early repayment scheme is expected to be 15-20% based on preliminary figures, Istvan Binder, spokesman for the Hungarian Financial Supervisory Authority (PSZAF), said in a television programme early on Thursday. http://www.bbj.hu/economy/pszaf-spokesman-puts-participation-in-early-repayment-at-15-20percent_62159 2012-01-05T11:50:00+01:00 http://www.bbj.hu/economy/pszaf-spokesman-puts-participation-in-early-repayment-at-15-20percent_62159 The average unemployment rate in Hungary was 10.6% in the 15-74 age group in September-November 2011, down from 10.8% in August-October and down also from 10.7% one year earlier, the Central Statistics Office (KSH) said on Monday. http://www.bbj.hu/economy/hungary-jobless-rate-edges-down-to-106percent-in-sept-nov--_62156 2012-01-05T09:45:00+01:00 http://www.bbj.hu/economy/hungary-jobless-rate-edges-down-to-106percent-in-sept-nov--_62156 The International Monetary Fund’s executive board will review the state of Hungary’s economy at a meeting on January 18, an assessment that will likely set the stage for u%oming discussions on a new loan programme for the country, Down Jones said on Thursday. http://www.bbj.hu/economy/imf-board-to-review-hungarys-economy-on-january-18--_62155 2012-01-05T09:40:00+01:00 http://www.bbj.hu/economy/imf-board-to-review-hungarys-economy-on-january-18--_62155 Hungary is willing to consider a so-called standby agreement with the IMF, The Wall Street Journal reported on Wednesday based on an interview with Gyula Pleschinger, State Secretary in the Ministry of National Economy, and a member of the Hungarian delegation designated to negotiate with the IMF and the EU on a financial backstop. http://www.bbj.hu/economy/hungary-willing-to-consider-a-standby-agreement-state-secretary-says_62153 2012-01-05T06:15:00+01:00 http://www.bbj.hu/economy/hungary-willing-to-consider-a-standby-agreement-state-secretary-says_62153 Hungary would face a further steep surge in bond yields and a potentially deep recession this year if it failed to come to terms with the IMF and the EU over an external financial backstop, emerging markets economists said on Wednesday. http://www.bbj.hu/economy/hungary-would-face-yield-surge-deep-recession-without-imf-deal-says-city_62152 2012-01-05T06:00:00+01:00 http://www.bbj.hu/economy/hungary-would-face-yield-surge-deep-recession-without-imf-deal-says-city_62152