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Average Wages Rise 15.7% y/y; Gulyas to Hold Briefing Later this Morning

HUNGARY
  • Hungary’s central bank says it’s taking regulatory steps to cushion the impact on lenders from the turnaround in the real estate market. The countercyclical capital buffer rate of 0.5% will be activated from July 2024 instead of the originally July 2023 as part of measures to “strengthen the resilience of banks to shocks”.
  • See the full press release here: https://www.mnb.hu/en/pressroom/press-releases/pre...
  • Hungary’s average gross wages rose 15.7% y/y (Est: +18.0%) in April versus +16.9% in March, data released by the Central Statistics Office this morning shows.
  • Cabinet Minister Gergely Gulyas will hold a briefing at 0930BST/1030CET following yesterday’s government meeting where food price caps were scheduled for discussion.
  • There are no other major economic releases on the docket for the remainder of the day. Unemployment rate (Est: +3.9%) and economic sentiment data cross tomorrow.

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