Latest news in Hungary - 29 Nov 2024

- Hungarian National Bank vs. Minister Conflict: The Hungarian National Bank (MNB) strongly rejected claims from Economy Minister Márton Nagy, who suggested the bank's governor sought to sabotage his career. The MNB cited Nagy’s managerial flaws as the cause of his departure from the central bank, illustrating ongoing tensions in Hungary's economic environment. Read more here

- Forint Hits New Lows: The Hungarian forint plummeted to a two-year low against the euro, reaching over 415 forints, influenced by a government interest rate freeze and other geopolitical factors. Analysts are monitoring the currency's performance amid broader economic instability. Read more here

- Energy Concerns Persist: Hungary's energy sector is grappling with severe challenges, including rising prices and supply shortages. Experts project a spike in electricity demand, heightening the urgency for better energy planning and diversification of energy sources to sustain growth. Read more here

- Orbán Engages Qatari PM: Prime Minister Viktor Orbán met with Qatar’s Prime Minister to discuss economic and energy cooperation, commending Qatar's efforts for peace in global conflicts. The dialogue also explored investment opportunities in Hungary as it aims to enhance energy ties with the Gulf nation. Read more here

- Major Poll Decline for Fidesz: A new survey revealed a decrease in support for the ruling Fidesz party, which now stands at 38%, down from 40% the previous month. Meanwhile, the Tisza Party has gained traction, leading to increased political dynamics ahead of upcoming elections. Read more here

- New Central Bank Governor Announced: Prime Minister Orbán has nominated Mihály Varga as the new central bank governor, succeeding György Matolcsy. This nomination coincided with a temporary strengthening of the forint, suggesting market optimism regarding Varga’s leadership. Read more here

- Housing Initiative for Bicske Victims: Following a successful fundraising campaign, several victims from Bicske have secured housing, supported by donations totaling 219 million forints. The funds, initially aimed at assisting one individual, have enabled multiple families to find accommodations and receive social support. Read more here

- Challenges in Budapest Transport System: A recent power outage in Budapest disabled a line 2 metro train, prompting firefighters to assist passengers. An investigation into the incident is ongoing, highlighting possible concerns over the reliability of public transit in the city. Read more here

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