Finance ministry rejects IMF recommendation to float currency
The Hungarian government will not abandon its current exchange rate regime in favor of floating the currency, despite the recommendation of the International Monetary Fund (IMF) to do so, the finance ministry said in a statement.
IMF calls on Hungary to enact
Hungary has moved from being a "star" performer to one of the slower growing economies among the new EU member states, according to the findings of an International Monetary Fund (IMF) Staff Visit to Hungary concluded during the week.
Construction output rises 20% in July as building construction catches up with road works
Construction output in Hungary was up 18.1% year on year in July 2005 according to unadjusted and 19.6% according to working day adjusted figures released by the Central Statistical Office (KSH). This brings growth in the first seven months of the year to 14.6%.
Retail sales grow 5.7% in July - led by consumer durables
Driven by above-average growth in sales of consumer durables, retail sales in Hungary continued to grow at a steady rate in July, rising 5.7% when compared to the same month last year, according to adjusted data released by the Central Statistical Office (KSH). Growth for the first seven months came in at 4.9%.
Monetary Council cuts base rate by 25 bp to 6%, in line with expectations
Effective September 20, the Monetary Council of Hungary's central bank MNB reduced the base rate by 25 basis points to 6.00% at its September 19 meeting. Council members voted almost unanimously for a 25 bp cut, although the possibility of a 50 bp cut was also considered, MNB president Zsigmond Jarai said after the meeting.
