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Gov't, Central Bank Continue 'Close Cooperation'

Government

Hungary's government and central bank are continuing their "close cooperation", the Finance Ministry said on Thursday, after a regular meeting between Finance Minister Mihály Varga and National Bank of Hungary (MNB) governor György Matolcsy, according to a report by state news wire MTI.

Varga and Matolcsy discussed Moody's recent affirmation of Hungary's investment grade sovereign rating as well as strong demand for a EUR 1.75 billion eurobond issued days earlier, the ministry said. They agreed that measures to bring down inflation needed to be continued, while the budget deficit and state debt level needed to be reduced, it added.

They welcomed the European Central Bank's positive assessment of a draft amendment on recapitalizing the NBH after expected losses and acknowledged that the new rules would give the central bank more room for maneuver and increase fiscal stability.

The sides have met regularly since April with the shared goal of continuing to improve balance indicators in spite of the uncertain international environment, reduce inflation, and put the Hungarian economy on a sustainable growth path.

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