program

Hungary forint kicks off day in better shape

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forint 2013 2

After significant depreciation during the day and some recovery at the end of the Tuesday session Hungary’s forint kicked off Wednesday trading in a relatively good shape, having opened around 296.50 to the euro. We can expect large volatility both domestically and globally in the days ahead for a number of reasons: (i) positions can be reshuffled over monetary policy changes expected from the Fed; (ii) the elevated tensions in Turkey could lead to unforeseeable consequences and (iii) some important messages about the European Central Bank’s (ECB) bond purchase programme could be delivered at today’s constitutional court hearing in Germany.

EU urges Hungary to lower taxes on banks, scrap regulated energy prices

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eu urges

Having examined Hungary’s national reform programme and convergence programme and in view of the European Commission’s in-depth review and assessment of these the Council has made seven country specific recommendations for the country, such as ensuring a stable, more balanced and predictable corporate tax system, broadening the powers of the Fiscal Council, lowering the extra burden on the financial sector, strengthening active labour market policy measures, making the business environment more attractive for foreign direct investment by making the regulatory framework more stable and gradually abolishing regulated energy prices.