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NBH See Hungary as Only Able to Join the Euro in the 2030s

HUNGARY
  • Both foreign minister Szijjarto and Orban appeared at the Tranzit festival in Tihany, promoting their government, Hungarian history and approach to unique approach to foreign policy.
  • At the festival, finance minister Varga stated it is premature to talk about Hungary adopting the euro in the future, with his ministry’s focus on restoring balance to the economy, with fiscal policy targeting deficit reduction. Varga did acknowledge that two of the most recent crises confirmed that had Hungary adopted the Euro, the economy would be exposed to far less risk.
  • At the same panel discussion, NBH’s Pleschinger stated that Hungary cannot even fulfil the Maastricht criteria necessary to adopt the euro, meaning the country may only be able to join the euro during the 2030s. Polling shows 72% of the population are in favour of adopting the single currency.
  • The agriculture minister stated the government’s willingness to ban Ukrainian grain imports from September 16th if necessary to protect local farmers.
  • The NBH rate decision is due tomorrow, with the bank seen converging the policy rate with the main bank rate by a further 100bps. The MNI Preview will be released later today.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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