Latest news in Hungary - 7 May 2025

Bank Account Frozen in MNB Investigation: Somlai Bálint's bank account has been frozen amid ongoing investigations linked to the Hungarian National Bank's dealings, with his companies benefiting significantly from contracts related to the bank. In recent years, the central bank reportedly provided 204 billion forints for various property investments, with a large proportion of expenditures going to Somlai's businesses. Read more here\

Supreme Court Reviews Forex Loan Ruling: The Hungarian Supreme Court has acknowledged the recent decision made by the Court of Justice of the European Union, which declared a 2007 Swiss franc car leasing contract invalid due to inadequate borrower information on exchange rate risks. While the ruling could have significant implications for forex loan borrowers, the Court states that it will respect the CJEU's legal interpretation, but each case may differ based on specific circumstances. Read more here\

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Retail Sales Decline in March: Hungary's retail sales volume experienced a slight increase of 0.4% year-on-year but fell by 0.4% compared to February, marking a second consecutive month of decline. While food sales rose by 1.2%, non-food items saw a significant 5.9% increase, yet overall consumer reluctance raises concerns for economic growth and tax revenue ahead of next year's elections. Read more here\

Jazzbois Takes the BBC Stage: Hungarian band Jazzbois made a notable appearance on BBC Radio 2's jazz program hosted by Jamie Cullum, discussing the Budapest jazz scene and showcasing their latest work, including a track from their new album, “Shangri La.” The band, formed in the 2010s, will also perform at the Cross the Tracks festival and the Montreal Jazz Festival in June. Read more here\

Possible Freedom from Foot-and-Mouth Disease: Hungary may announce freedom from foot-and-mouth disease by May 30 if no new infections are reported, according to Agriculture Minister István Nagy. The European Union could lift restrictions on Hungary by June 30, following successful containment measures which included culling infected animals and ongoing disinfection efforts. Read more here\

Delays in Hungary's Access to EU Recovery Funds: The European Court of Auditors has identified deficiencies and warned of delays regarding Hungary's access to the EU’s €650 billion recovery fund, with Hungary uniquely unable to submit regular payment requests due to unmet rule of law milestones. Of the €10.4 billion allocated to Hungary, only €1 billion has been received, highlighting challenges in accessing essential funds needed for recovery efforts. Read more here\

Drought Protection Task Force Established: The Hungarian government has formed a new operational task force to manage drought protection, following warnings of another potentially severe drought this year. Prime Minister Viktor Orbán emphasized the need for advance preparation and called for farmer cooperation to mitigate the impact of drought conditions, which have become increasingly common in recent years. Read more here\

Police Charge Two After Hadházy Protest: Following Tuesday's protest led by independent MP Ákos Hadházy against the government's facial recognition policy, two individuals have been charged with a misdemeanor, including one for vandalism. The demonstration, which saw protesters march to the Hungarian Academy of Sciences, faced police intervention to redirect traffic on Erzsébet Bridge for safety reasons. Hadházy noted modest turnout but expressed satisfaction with the attendance. Read more here\

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