Latest news in Hungary - 18 Dec 2024

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- Zugló’s New Mayor Targets Corruption: Newly elected Mayor András Rózsa of Zugló is launching an investigation into potential embezzlement and budget fraud connected to previous leadership, suspecting losses exceeding 500 million HUF. His administration aims to reform public procurement to eliminate inefficiencies. Read more here

- New Law on Homicide for Minors: Starting January 1, 2025, Hungary will no longer impose time limits on life imprisonment for crimes committed by minors. This law, aimed at addressing public outrage following a controversial case, signifies a zero-tolerance approach for serious juvenile crimes. Read more here

- Fireworks Ban for New Year’s Eve in Downtown Budapest: Budapest authorities have announced a ban on fireworks in several downtown locations, including Szent István Square and Vörösmarty Square, from December 28 at 6 PM until January 1 at 6 AM. This decision aims to enhance public safety and reduce noise pollution. Read more here

- Central Bank Lowers GDP Growth Forecast for 2024: The Hungarian National Bank has updated its GDP growth prediction for 2024 to a range of 0.3-0.7%, down from its previous estimate of 1.0-1.8%. This shift reflects concerns over the country's economic performance and rising inflation. Read more here

- Budapest Taxi Drivers Hold Demonstration: On Tuesday, Budapest taxi drivers held a “For the Future” demonstration, advocating for sustainable taxation and improved public transport. They emphasized the need for government support to continue operations amidst rising challenges. Read more here

- MNB Keeps Base Rate Steady: The Magyar Nemzeti Bank maintains the base rate at 6.5% amid a cautious approach to monetary policy. The decision reflects ongoing economic uncertainties and will influence borrowing costs in Hungary. Read more here

- Hungary’s Frozen EU Funds Update: Minister János Bóka addressed the status of €6.3 billion in EU cohesion funds, currently frozen. He asserts that Hungary has met all necessary legal requirements, as the deadline approaches for resolving related issues to regain access to essential funding. Read more here

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