Laszlo Bige, the owner of Hungarian fertilizer maker Nitrogenmuvek Zrt, ruled out using tangible assets as collateral in a standoff with creditors over extending a looming maturity date for its bonds, Bloomberg News reported. Talks between Nitrogenmuvek and holders of around 70% of the €200 million ($228 million) of bonds due in mid-May concluded last week with no deal. The creditor group had asked for tangible assets to be posted as collateral, as well as some sort of contribution from shareholders as part of the refinancing, Bloomberg reported.
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Hungary is unlikely to cut interest rates any time soon as Governor Mihaly Varga pointed to a deterioration in the inflation outlook after his first monetary-policy meeting, Bloomberg News reported. The National Bank of Hungary kept the benchmark unchanged at 6.5% for a sixth month on Tuesday, tied with Romania for the highest key interest rate in the European Union. No other options were considered, Varga said. “Maintaining tight monetary conditions is warranted,” the governor told reporters.
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Hungary's central bank-linked foundations are facing renewed scrutiny over their investment practices after a scathing report from the State Audit Office (ASZ) triggered a sell-off in assets linked to their portfolio, IntelliNews.com reported. The scandal has spread to Polish-based real estate developer Globe Trade Centre, listed on the Warsaw Stock Exchange. After the report by ASZ, yields on a 2026 euro bond issued by the company surged from 8.4% to 13% in a week, and its shares fell 7%.
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Hungary held interest rates at the first policy meeting under Governor Mihaly Varga, with attention now shifting to the central bank’s monetary-policy guidance, Bloomberg News reported. The National Bank of Hungary kept the benchmark rate unchanged at 6.5% on Tuesday, tied with Romania for the highest key interest rate in the European Union. Annual price growth reached a 15-month high of 5.6% in February, bolstering bets that little to no room remained for monetary easing this year.
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Hungary left its key interest rate unchanged for a fifth month after accelerating inflation bolstered policymakers’ bias against monetary easing in the months ahead, Bloomberg News reported. The National Bank of Hungary kept the benchmark at 6.5% on Tuesday at the last policy meeting that was chaired by Governor Gyorgy Matolcsy. The decision matched all 23 estimates in a Bloomberg survey. Annual price growth accelerated to a 13-month high of 5.5% in January, underscoring concerns that inflation expectations may stabilize at higher-than-thought levels.
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Hungary’s central bank adopted a more hawkish monetary policy guidance after a spike in inflation and concern about the impact of geopolitical risks for the recession-hit economy, Bloomberg News reported. The National Bank of Hungary held its main interest rate at 6.5%, matching the estimate of all 25 economists in a Bloomberg survey. That left it even with Romania for the highest key rate in the European Union.
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