Varga says MNB reserves in line with requirements

MNB

The National Bank of Hungary's international reserves are in line with requirements at current levelsThe National Bank of Hungary's international reserves are in line with requirements at current levels, National Economy Minister Mihály Varga said in a written response to a question by an opposition MP. The current level of international reserves “appropriately ensures the Hungarian economy's external stability,” Varga said in the response published on the website of Parliament. He noted that the central bank act prohibits the use of the international reserves to reduce state debt. Varga said the MNB's international reserves stood at € 34.4 billion at the end of 2012, enough to cover five and a half months of imports and 1.7 times more than Hungary's short-term external debt. The international reserves “should be sufficient to ensure market confidence,” as they do now, he added.

ADVERTISEMENT

Business confidence falls slightly in June Analysis

Business confidence falls slightly in June

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 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.