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The Budapest municipality owns 135 billion forints (EUR 377.2m) in bonds and more than 27 billion in cash, according to the city council’s balance sheet report submitted on July 20, the Hungarian State Treasury said.
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VAT evasion in Hungary was cut from 21% in 2013 to 6.6% in 2019, the European Commission announced on Thursday.
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The forint is the fifth worst-performing European currency so far this year as it has weakened by some 8.5%, Portfolio reports.
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Hungary’s economic output shrank by an annual 13.6% in the second quarter this year, with industry and services contracting sharply due to the pandemic, according to a second reading of the data published by the Central Statistical Office (KSH).
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The forint traded at 356.56 to the euro at 5:30 in the evening on Thursday’s interbank market, softening from 356.05 late on Wednesday.
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Hungary had the highest annual inflation rate among EU member state in July at 3.9%, according to Eurostat, writes novekedes.hu.
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