Nagy told business daily Világgazdaság that caps on household mortgage rates and small business loan rates can be phased out only when the central bank's benchmark rate falls to single digits.
He said the 2024 budget was tight due to surging debt service costs.
"Reaching single-digit inflation by the end of the year could mean that central bank interest rates could also be single-digit by the spring of 2024," Nagy said.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
