Banks urge gov't to stick to convergence program

Initiatives

The Hungarian Banking Association urges the government to carry through with its convergence program, association president Tamás Erdei told a press conference on Thursday.

Because of foreign investors' expectations, failing to remain on the path outlined in the program would cause great harm to the country, Erdei said. Hungarian banks are having a difficult time planning for the coming years, because it is unclear how well retail and corporate clients will bear measures that are a part of the convergence program.
Erdei said banks expect no dramatic weakening of the forint in the future. In the coming months, it will trade between 265 and 280 to the euro, he said.

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