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Finance Minister Mihály Varga (pictured on top) projected the economy would turn around in the first half of next year as the recovery from the coronavirus crisis is slow across Europe, in an interview on public radio.
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Hungarian rate-setters kept the base rate on hold at 0.60% at a regular meeting. The Monetary Council also left the interest rate corridor unchanged, the National Bank of Hungary (NHH) said.
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The National Bank of Hungary (NBH) expects the economy to contract between 5.1% and 6.8% this year, forecasts from its latest quarterly Inflation Report show.
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Jobs and the living standards of families must be protected also during the virus, Prime Minister Viktor Orbán stressed in a video message posted on his Facebook account on Saturday, announcing that the credit debt repayment moratorium offered to households will be extended – in the case of certain social groups – for another six months from 1 January 2021.
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The forint weakened to 361.2 per euro on Thursday, as East European currencies lost value, as usually happens when the dollar strengthens, analyst of ING bank Péter Virovácz said.
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International money transfer provider TransferWise received direct access to the Hungarian banking sector’s instant payment system on September 1, the fintech company announced on Wednesday.
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