MNI BRIEF: PBOC Added Outright Repo For Ample Lqdty In Nov

MNI China Daily Summary: Friday, November 29

MNI: GERMANY NOV UE RATE (SA) 6.1% (FCST 6.1%); OCT 6.1%

MNI BRIEF: China Extends U.S. Import Tariff Exemption List

MNI BRIEF: Trump Tariffs To Push China, EU Cooperation - BOC

MNI: PBOC Net Drains CNY156.1 Bln via OMO Friday

MNI: ITALY NOV FLASH HICP +0% M/M, +1.6% Y/Y

MNI: EUROZONE NOV FLASH HICP +2.3% Y/Y

MNI: UK OCT M4 MONEY SUPPLY -0.1% M/M, +3% Y/Y

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: Varga Seen as Sympathetic, But Little Change at NBH in S/T

HUNGARY
CEEMEAEM BulletBulletEmerging Market NewsHungary
  • As broadly expected, PM Orban has appointed finance minister Varga as the new governor of the NBH. Operations and policy at the bank are unlikely to shift considerably as a result, with financial stability via a volatile FX rate and stubborn inflation likely to remain a priority.
  • What the appointment should stabilise is government-central bank relations, with Varga seen as a sympathetic voice for government priorities – which may raise the prospects of rapid rate cuts next year given the new management team will be issued a mandate directly from the PM.
  • In his first comments since the appointment, Varga has stated that he will serve for the stability and prosperity of the Hungarian people.
  • PPI data out this morning came in higher, at 2.6% Y/Y (Prev. 0.9%) and 1.0% M/M (Prev. -0.4%). Meanwhile the unemployment rate was unchanged, as expected, at 4.5%.
140 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.
  • As broadly expected, PM Orban has appointed finance minister Varga as the new governor of the NBH. Operations and policy at the bank are unlikely to shift considerably as a result, with financial stability via a volatile FX rate and stubborn inflation likely to remain a priority.
  • What the appointment should stabilise is government-central bank relations, with Varga seen as a sympathetic voice for government priorities – which may raise the prospects of rapid rate cuts next year given the new management team will be issued a mandate directly from the PM.
  • In his first comments since the appointment, Varga has stated that he will serve for the stability and prosperity of the Hungarian people.
  • PPI data out this morning came in higher, at 2.6% Y/Y (Prev. 0.9%) and 1.0% M/M (Prev. -0.4%). Meanwhile the unemployment rate was unchanged, as expected, at 4.5%.