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Banai Flags HUF670bln Warchest for Curbing Energy Prices

HUNGARY
  • NBH kept the one-week deposit rate unchanged at 6.75% this morning, alongside expectations. This is inline with the NBH comms from the last rate-setting meeting, with the bank only tweaking the one-week depo rate on a monthly basis going forward, barring any protracted market volatility.
  • In an interview with Hir TV, state secretary for the finance ministry Banai flagged that Hungary’s draft budget includes a HUF 670bln fund earmarked for protecting Hungarians from gas and electricity price increases.
  • The Hungarian debt agency AKK has doubled its FX issuance target for this year from €2.6bln to €5.1bln following the EU decision to block Hungary’s access to recovery funding. The agency added that the ratio of FX debt may remain within the reference range of 10-25% of total debt.
  • Budget balance data is the sole release Thursday, due at 1000BST/0500ET.

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