Ministry of Finance

Mihály Varga

Minister of Finance

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Government supports the renewal of metro line 3

Ministry of Finance, July 31, 2014 10:27 AM

The Government permits the Municipality of Budapest to take out a loan for the renewal of metro line 3. Furthermore, the Government is prepared to provide state guarantee to help obtain the loan, Minister for National Economy Mihály Varga said adding that the Municipality on its own cannot cope with the updating of metro line 3.

Hungary to profit from the purchasing of MKB

Ministry of Finance, July 31, 2014 10:21 AM

As Minister for National Economy Mihály Varga stated at a press conference following a Government session where the preliminary agreement on the purchasing of MKB has been discussed Cabinet members concluded that the accord reached by the parties is favourable for the country. MNB President György Matolcsy was also present at the meeting, he added, as the National Bank of Hungary prepared the asset valuation that served as the basis for the preliminary agreement.

The Resolution Fund started to operate

Ministry of Finance, July 30, 2014 4:24 PM

The Board of Directors of the Resolution Fund held its inaugural meeting pursuant to the act on the further development of the institutional framework strengthening the security of certain actors of the financial intermediary system (Act XXXVII of 2014). The Fund, which will be funded by contributions from credit institutions and investment firms, will enable that the settlement of the situation of troubled institutions is financed by sector participants instead of taxpayers.

Employment rate hit new record high

Ministry of Finance, July 30, 2014 10:50 AM

According to the flash report of the Hungarian Central Statistical Office (KSH) published this morning, in April-June 2014 the number of those in employment was 4 million 122 thousand, up by 190 thousand year-on-year.

Magyar Kereskedelmi Bank (MKB) to be purchased by the state of Hungary

Ministry of Finance, July 24, 2014 2:37 PM

The state of Hungary has reached an accord on purchasing MKB from Bayerisiche Landesbank. The current owner has agreed to sell 99 percent of MKB shares to the state of Hungary and increase capital by EUR 270 million prior to the transfer.

Domestic consumption growth among the highest in Europe

Ministry of Finance, July 23, 2014 10:57 AM

Hungary’s retail sales volume has been on the rise for the 11th consecutive month and the increase of almost 5 percent registered in May is the third best growth figure within the European Union. The rebound in household consumption has been the result, among others, of the cuts in utility charges, family tax allowances, record-high employment growth, the increase of wages in real terms and improving consumer confidence.

Five-fold increase recorded in Turkish-Hungarian bilateral trade volume

Ministry of Finance, July 18, 2014 12:50 PM

“No road is long with good company,” Minister for National Economy quoted the Turkish proverb at a Hungarian-Turkish Business Forum organized to commemorate the month of Ramadan. At the event, the Minister presented awards honouring the most successful members and partners in 2013 of Aktiv, an association of Hungarian and Turkish businesspeople.

Wages in real terms increased by 5 percent in May

Ministry of Finance, July 18, 2014 12:08 PM

According to the flash report of the Hungarian Central Statistical Office (KSH) published earlier this morning, wages in real terms continued to increase. In January-May 2014, the average gross wage of full-time employees was up by 2.9 percent year-on-year.

Government to safeguard budget by cutting public administration costs

Ministry of Finance, July 17, 2014 3:57 PM

In order to ensure the 2.9 percent budget deficit target for the year, the Government has decided to cut state spending by some HUF 110bn. The central government lowers its own costs to ensure that the deficit is kept at the desired level. The proposed measures will not affect families, private households, enterprises or local governments.

Upward Hungarian industrial output trend remains intact for the 9th consecutive month

Ministry of Finance, July 14, 2014 1:18 PM

In May 2014, industrial output grew by some 10 percent, while in the initial five months of the year the sector expanded by 9 percent. Output growth, which has been steady for the ninth consecutive month, was also underpinned by the double-digit increase in manufacturing sector output, as ten out of the altogether thirteen sub sectors registered expansion. The firm performance of the Hungarian industrial sector over the past period also proves the success of the active industrial policy pursued in the past years, therefore the Government aims to continue with the re-industrialization of the country.