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Cabinet Meets to Discuss Opposition to EU Gas Plans

  • PM Orban has reiterated his view that EU sanctions waged against Russia should be revised, repeating his call from earlier in October that trade restrictions should be repealed by year-end. Government meets again today to discuss priorities for the upcoming EU summit, with the cabinet likely to fiercely oppose introducing a cap on gas prices.
  • Today marks the first session in which the NBH will provide FX from its reserves for energy import needs, with deputy governor Virag yesterday detailing that the NBH will watch reserve adequacy, while EU fund inflows (while blocked from 2021 onwards for now) help improve the FX reserves profile for Hungary. Virag also reiterated the view that inflation is likely to rise further in the coming months, although the pace of the increase should slow.
  • The longer-term future of the Turkstream pipeline linking Hungary with Russia was secured yesterday as Dutch authorities renewed a specific licence for the company responsible with its maintenance. Minister Szijjarto said the operation of the pipeline is now guaranteed for the long-run.
  • The debt office looks to sell HUF 25bln in 2028, 2032 and 2038 bonds, with little else on the docket Thursday.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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