Hungary's National Bank Investigates Default Rumour
- 6 Feb 2014 8:00 AM
The MNB has launched an investigation into the rumour spread on January 29 which falsely stated that Hungary was unable to meet its capital and interest payment duties that day.
The state debt manager ÁKK rejected the rumour that same day, as Hungary paid the €1 billion due that morning.
The MNB is examining whether the incident constitutes illegal market manipulation.
The forint fell by 2% against the euro in that day’s trading. Many analysts attribute the decline to central bank governor György Matolcsy’s affirmation on the previous day that interest rate cuts would continue.
Source: Hungary Around the Clock
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