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Varga: New ÁKK CEO should tap new markets

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Although the new CEO of Hungary's Government Debt Management Agency (ÁKK) has not yet been named, National Economy Minister Mihály Varga said on a public television program yesterday that he expects the new chief to make a concerted effort to tap new markets to alleviate Hungary's debt.

The new CEO should strive to "appear not only on our traditional markets but elsewhere too", Varga said, ensuring that a decision on a replacement for outgoing CEO István Töröcskei will be made soon.

There is no need for the screening of ÁKK, as it has outperformed expectations; debt financing became cheaper and the share of FX exposure within debt fell to 37% from 43% over the past few years, Varga said in response to a query on the subject. "The government's intention to increase its presence on the forint market was met as well", Varga added.

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