Gyorgy Matolcsy News
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Latvia is banking on a green light for its euro-adoption bid awakening investors who’ve so far failed to drive an asset rally similar to the one neighboring Estonia experienced before it switched currencies in 2011.
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Hungary’s central bank, which has cut borrowing cost each of the past 10 months, has no target for its benchmark interest rate and is considering ways of signaling investors when it nears the end of the easing cycle.
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Hungarian investment dropped the most in more than three years, damping Prime Minister Viktor Orban’s optimism that his economic policies will lead to sustained growth.
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Hungary’s central bank raised the amount of interest-free funding to commercial banks by 50 percent to boost lending and invigorate economic growth after a recession last year.
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The forint retreated from the strongest level in five months against the euro on speculation the rally anticipating Hungary’s escape from European Union budget monitoring was overdone.
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Hungary will probably cut the main interest rate for a 10th month to a record after the inflation rate plunged as policy makers seek to reduce borrowing costs to boost lending and growth, a survey of economists showed.
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The best emerging-market bond rally has further to run as Hungary’s central bank extends interest rate cuts and limits unconventional stimulus measures, according to Pioneer Investments and Erste Sparinvest KAG.
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Hungary’s central bank will use all methods at its disposal to help sustain economic growth after an “encouraging” start of the year, Magyar Nemzeti Bank President Gyorgy Matolcsy and his deputy Adam Balog said today.
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Gyorgy Matolcsy considered accelerated interest-rate cuts as he took over Hungary’s central bank in March before deciding to continue with quarter-point reductions, Heti Valasz reported, citing an interview with the Magyar Nemzeti Bank president.
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Hungary’s central bank tightened the conditions for monetary easing after cutting borrowing costs to a record low, signaling a cautious approach at new head Gyorgy Matolcsy’s first rate decision that boosted the forint.
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