Varga: Fed to affect Hungary only slightly

History

Although the interest rate increase of the U.S. Federal Reserve (Fed) is expected to affect Hungary, the country wonʼt feel the same level of negative impact as other countries, Hungary’s National Economy Minister Mihály Varga said today, Hungarian news agency MTI reported.

Heavily indebted countries exposed to volatile commodity prices, such as China or Brazil, could be put into more difficult situations, however, Hungary is not among these countries, MTI reported, citing Varga.

Varga noted that the Hungarian government has “significantly” lowered its debt and deficit financing has “become completely secure”, MTI added.

Varga said the Fed is expected to continue raising rates in the coming years, urging competition as investors look for safe places to invest.

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