August 2005
Emerging Europe Monitor: Central Europe & Baltic States;Aug2005, Vol. 12 Issue 8, p2
Country Report
Country Report
The article discusses various factors posing risk to the Hungarian economy. The governor of the National Bank of Hungary (NBH), Zsigmond Jarai, has denounced the level of corruption in the country. In a controversial outburst, Jarai stated that liars, and tax cheats have gained high positions. In a move largely anticipated by financial markets, the NBH cut interest rates by 25 basis points to 7.0% at its June monetary policy meeting, citing disinflationary progress as the main factor influencing its decision. Prime Minister Ferenc Gyurcsany has indicated that his government may abandon plans to privatise its remaining 11.8% stake in energy concern MOL Hungarian Oil & Gas Co.


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