Latest news in Hungary - 26 Nov 2024

** Gránit Bank goes public ** Inflation warning ** Forint hits new low ** MÁV IT failure causes delays ** Changes to Budapest deputy mayor role **

- Gránit Bank Goes Public: Gránit Bank is launching its public share offering this Tuesday, lasting for two weeks, and will price shares between 13,172 and 15,054 forints. The bank aims for a market valuation of 100-120 billion forints and projects a taxable profit of 110-122 billion forints by 2033. More details can be found here.

- Inflation Warnings from MNB Deputy Governor: Barnabás Virág, Deputy Governor of the Hungarian National Bank, cautioned that promoting economic growth should not exacerbate inflationary pressures. He noted inflation peaked at 25.7%, emphasizing the need for stable macroeconomic conditions for future growth projections of 4-5% in household consumption next year. Read more here.

- Forint Hits New Low Against Euro: The forint dropped to a two-year low of 412.5 against the euro. This depreciation is attributed to factors like the ongoing conflict in Ukraine and low domestic interest rates, reducing foreign investments. The exchange rate briefly recovered to 411.7 later on. More information is available here.

- Budapest Parking Fee Revisions Under Review: The Capital's committee is discussing proposed changes to Budapest's parking system, including inflation-indexed rates and potential shifts to mobile payments. These reforms aim to tackle budgeting concerns as the city spends around 6 billion HUF yearly on parking management. More insights can be found here.

- MÁV Faces IT System Failures: MÁV, Hungary’s national railway company, is experiencing significant delays due to an IT system malfunction, with trains expected to be delayed by 10-40 minutes. Commuters are advised to check for updates as they navigate disruptions. More details are available here.

- Changes in Budapest Deputy Mayor Role: Current deputy mayor negotiations are ongoing as Vitézy Dávid has raised concerns about accepting the position without clear responsibilities. Budapest has been without a deputy mayor for nearly two months, adding to the political climate. Learn more here.

- Construction Regulations Under Consideration: Hungary's government is drafting new regulations for the construction materials market that could significantly impact foreign firms. These regulations aim to stabilize the market post-pandemic but raise concerns about potential export bans and regulatory burdens. Insights can be found here.

- Confidence Decline in Hungarian Economy: The GKI Economic Research Institute indicates a drop in business and consumer confidence in Hungary for November, highlighting growing pessimism about the economy. The government forecasts a growth rate of 3.4% for next year, but public sentiment remains negative. Read more here.

-