Ministry of Finance

Mihály Varga

Minister of Finance

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Linamar’s HUF 5bn investment project presented in Orosháza, South-Eastern Hungary

Ministry of Finance, February 3, 2015 1:47 PM

In Orosháza, at the opening ceremony for presenting the expanded production facility and new machinery of Linamar Hungary Ltd, a subsidiary of the Canada-based Linamar Corporation, Minister for National Economy Mihály Varga announced that the investment project will create 150 new jobs.

Law on conversion of forex loans and fair banks enters into force

Ministry of Finance, February 3, 2015 11:10 AM

As of 1 February, the law on the conversion of forex loans into forint-denominated instruments enters into force. The provision fixes conversion rates at CHF/HUF 256.47, EUR/HUF 308.97 and JPY/HUF 2163. The law on fair banks defines stricter conditions for unilateral changes in interest rates, charges and fees.

Forex loans set to disappear from Hungary’s financial system

Ministry of Finance, February 2, 2015 2:44 PM

As of the beginning of February, forex home loans -- or other types of foreign currency loans -- will be converted into forint loans and thus the problems caused by these financial products will also vanish from the Hungarian financial system, Minister for National Economy Mihály Varga said at a press conference on Saturday.

IMF delegation acknowledges achievements of the Hungarian economy

Ministry of Finance, February 2, 2015 11:10 AM

The delegation of the International Monetary Fund (IMF) – as part of an annual regular procedure – had conducted negotiations on 21-30 January 2014 and finally prepared a Concluding Statement.

Hungary’s volume of foreign trade higher again in November 2014

Ministry of Finance, February 2, 2015 10:48 AM

In the initial eleven months of 2014, the volume of exports and imports soared by 6.7 percent and 8.2 percent, respectively, in comparison to the corresponding period of the previous year. In November 2014, Hungary’s foreign trade showed a surplus of EUR 843 million, and thus in the initial eleven months of 2014 a surplus of EUR 6.2bn was accumulated. The Ministry for National Economy reckons with further growth in 2015.

Kazakhstan and Hungary both wish to deepen economic relations

Ministry of Finance, January 30, 2015 2:29 PM

Minister for National Economy Mihály Varga initiated the establishment of a joint tourism working group today, at the 4th Kazakh-Hungarian Business Forum held in Budapest. At the event, organized by the Hungarian-Kazakh section of the Hungarian Chamber of Commerce and Industry and its Kazakh partner, participants – including 40 enterprises – discussed partnership options to facilitate further cooperation.

Hungarian unemployment rate steady around 7 percent

Ministry of Finance, January 30, 2015 2:19 PM

According to seasonally adjusted Eurostat data, unemployment rate in Hungary fell to 7.3 percent in November 2014. Following Estonia and Spain, the largest year-on-year drop in the unemployment rate was recorded in Hungary within the EU28. With regard to year-on-year improvements, Hungary has been on the top of the ranking since February 2014. Unemployment rate averaged 11.5 percent in the 18 member states of the Eurozone, while it was 10.0 percent on average within the entire EU (28 members).

Retail sector expansion continued in November 2014

Ministry of Finance, January 29, 2015 10:49 AM

In November 2014 and in the initial eleven months of last year the retail sector grew by 5.1 percent year-on-year. Accordingly, the volume of retail sales in Hungary has been on the rise for the 17th consecutive month.

Work-free Sundays to fuel tourism and recreation sectors in Hungary

Ministry of Finance, January 28, 2015 1:20 PM

Work-free Sundays open a new window of opportunity for the tourism and recreation sectors by lifting turnover at tourism services providers, Deputy State Secretary for Tourism Ádám Ruszinkó stated at a joint press conference organized by the Ministry for National Economy and several national tourism institutions and associations. He added that recent criticism related to work-free Sundays has focused exclusively on consumers instead of human beings, whereas the economy shall serve people and not vice versa.

Number of people in employment remains above the 4 million mark in Hungary

Ministry of Finance, January 28, 2015 11:16 AM

Positive labour market trends continued in Hungary. In the period October-December 2014, the number of people in employment aged 15-74 years was up by 172 thousand, to 4 million 142 thousand. The unemployment rate has been around 7 percent over the past months and currently it is at 7.1 percent. Steady private sector employment growth has been gaining weight as a factor behind the favourable trend.