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Levy on Municipal Government Income Expected to Cut Deficit

HUNGARY
  • Hungary plans to raise more funds from a special levy on municipal governments than last year, helping to alleviate pressure on the budget, Nepszava newspaper report. The ministry expects HUF 310.6bln ($836m) from a “solidarity levy” collected from 848 local governments compared to HUF 237bln collected from a total of 724 municipalities last year, the newspaper write.
  • While local news flow is limited so far this morning, EUR/HUF has edged higher, briefly touching the 395.00 handle at the start of the European session. The cross has now undone most of the early April down-leg, and a stronger reversal higher could refocus attention on the key resistance and bull trigger at 399.75, the Mar 12 high.
  • There are no major data releases on the docket today, with economic sentiment data the only domestic data point of note this week. President Tamas Sulyok will speak to parliament at a Holocaust commemoration event later this morning.

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