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HUF Hits Highs as Parliament Approves Judicial Changes in Next Step for EU Funds

HUNGARY
  • Hungarian parliament have approved judicial changes aimed at unlocking EU funds. Bloomberg write that lawmakers overwhelmingly voted on Wednesday in favor of the bill bolstering judicial independence.
  • The moves represents the next step in Hungary being able to tap €13bln of EU funds that are part of the €22bln monies earmarked for Hungary.
  • EUR/HUF sold on the back of that headline, pressing prices lower to 373.09 before moderating slightly. The parliamentary decision itself was largely expected, nonetheless this represents another step forward in unlocking the next tranche of EU funding that Hungarian ministers had claimed crimped GDP growth last year.

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