Official: Brexit to have minimal impact on Hungarian economy

EU

The impact of the United Kingdomʼs departure from the European Union could be minimal as the countryʼs fundamentals are stable, National Economy Ministry State Secretary Péter Benő Banai said today on state-owned Kossuth radio, according to Hungarian news agency MTI.

The professional consensus is unchanged: Hungaryʼs economic growth rate is expected to exceed the EU average in the coming period, Banai said. 

The impact on Hungary of the U.K.ʼs vote to leave the EU was smaller than on other countries in Europe, he said. The forint weakened, but not as much as the Polish zloty or other currencies in the region, he added.

Banai noted that the share price of OTP Bank, Hungaryʼs largest commercial lender, also weakened less than those of its European peers after the referendum.

OTPʼs share price lost 7.46% on Friday and 2.29% on Monday, but it was up about 2.82% around 1:00 pm today.

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