MNI China Daily Summary: Tuesday, November 26

MNI: Japan Govt Keeps Economic Assessment, Ups Imports

MNI BRIEF: China Supports Globalisation Despite Turbulence

MNI: PBOC Net Injects CNY11.0 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Lower At 7.1910 Tues; -1.46% Y/Y

MNI China Daily Summary: Monday, November 25

MNI: UK NOV BRC SHOP PRICES +0.2% M/M, -0.6% Y/Y

MNI: JAPAN OCT SERVICES PPI +2.9% Y/Y; SEPT REV +2.8%

EZ/UK T-Bill Calendar: 2/3-Month ATB Auction on Tuesday

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

HUNGARY: Nagy Hopes for Lower Rates, Next NBH Governor to Be Named Soon

HUNGARY
CEEMEAEM BulletBulletEmerging Market NewsHungary
  • Hungary’s current key rate level is too high, Economy Minister Marton Nagy said in an interview with Hir TV. “We think that hopefully we can move lower from 6.5%,” adding that the current real interest rate over 3% is “not justifiable.” Regarding the next central bank Governor, Nagy said the next Chief will be revealed in the coming days by the Prime Minister, with cooperation between the government and the central bank set to be “stronger”.
  • As a reminder, Gyorgy Matolcsy’s term as central bank governor ends in March 2025. Prime Minister Orban has confirmed that a cabinet reshuffle will include merging the National Economy Ministry, currently led by Marton Nagy, and the Finance Ministry, currently led by Mihaly Varga, to create a 'super ministry' with a broader mandate. This will likely involve Finance Minister Varga succeeding Matolcsy at the helm of the central bank.
  • According to former NBH officials who have spoken to MNI, Varga’s leadership of the NBH is unlikely to be “radically different” (See ‘MNI EM INTERVIEW: NBH to Hold Rates’ and ‘MNI EM INTERVIEW: NBH to Choose Stability Over Cuts - Ex Gov Simor’).
186 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • Hungary’s current key rate level is too high, Economy Minister Marton Nagy said in an interview with Hir TV. “We think that hopefully we can move lower from 6.5%,” adding that the current real interest rate over 3% is “not justifiable.” Regarding the next central bank Governor, Nagy said the next Chief will be revealed in the coming days by the Prime Minister, with cooperation between the government and the central bank set to be “stronger”.
  • As a reminder, Gyorgy Matolcsy’s term as central bank governor ends in March 2025. Prime Minister Orban has confirmed that a cabinet reshuffle will include merging the National Economy Ministry, currently led by Marton Nagy, and the Finance Ministry, currently led by Mihaly Varga, to create a 'super ministry' with a broader mandate. This will likely involve Finance Minister Varga succeeding Matolcsy at the helm of the central bank.
  • According to former NBH officials who have spoken to MNI, Varga’s leadership of the NBH is unlikely to be “radically different” (See ‘MNI EM INTERVIEW: NBH to Hold Rates’ and ‘MNI EM INTERVIEW: NBH to Choose Stability Over Cuts - Ex Gov Simor’).