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Central banker applauds crisis steps

Deputy governor of the Hungarian Central Bank (MNB) Júlia Király gave the highest marks to the Hungarian government's decision to scrap planned tax cuts and further reduce spending, speaking at a press conference organized by the Association of Hungarian Investment Fund and Asset Management Companies (BAMOSz).

The decisions, part of a twelve-point plan unveiled on Friday, showed the government does not want to continue to overspend, and that is what investors took most positively, Király said.

Király again confirmed that the Hungary's banking system is stable. Hungarian banks have been more profitable than their peers in Western Europe in the past years, their exposure and their assets are different from banking systems in Europe and America, there are no “toxic” securities here, she said. (MTI – Econews)