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Windfall Taxes on Banking, Energy Sectors Extended Into 2023

HUNGARY
  • Hungary will maintain windfall taxes in 2023 for the banking, energy and pharmaceutical sectors, Cabinet Minister Gulyas said at a press conference on Saturday as cited by Bloomberg. Hungary introduced windfall taxes for banks and raised taxes for energy companies last May in a bid to shore up its budget. Gulyas said that the businesses have benefited from higher energy prices and therefore must make a bigger contribution to the budget.
  • EUR/HUF has pared most of its gains from the APAC session at the start of the European session, with the cross trading close to last week’s lows below the 380.00 handle at the time of typing. The NBH rate decision takes focus tomorrow, where rates are widely expected to be held at 13.0% after Deputy Governor Virag called for a “patient” approach to tackling inflation earlier this month.
  • Hungary's GKI economic sentiment rose to -18.2 in February from -20.5 in January, according to figures released by GKI Economic Research yesterday. Business confidence rose to -6.4 from -7.8, while consumer confidence rose to -51.9 from -56.6.
  • Prime Minister Orban will likely address parliament for the first time this year at 1200GMT/1300CET.
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