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13th February, 2020

Forint hits new low against euro

The forint weakened to Ft 339.55 against the euro on Wednesday, hitting a new historic low, Portfolio observed. It stood at Ft 310.9 against the US dollar.

The exchange rate broke through the 11-year trend on Friday, opening up space to reach Ft 350 per euro within one or two weeks, analysts forecast.

The Central Statistics Office will release the January inflation figure on Thursday which could be crucial for the future development of the exchange rate. Analysts forecast 4.4% inflation on average year-on-year, which is outside of the 4% tolerance ceiling of the MNB. The national bank might intervene in the near future, Portfolio writes. (portfolio.hu; 444.hu; napi.hu; hvg.hu)
13th February, 2020

December drop in industrial output confirmed

Industrial production dropped by 1.2% year-on-year in December, the Central Statistics Office confirmed as it released final data on Wednesday.

According to workday adjusted numbers, the decrease was 3.7% in December.

Industrial exports have decreased by 1.4% while domestic sales in the industry increased by 1.6%. Automotive industry exports, which represent 32% of total exports, expanded by 10.1%.

Industrial production fell by 3.8% from November to December, according to workday and seasonally adjusted figures. In all of 2019, industrial production increased by 5.4%. (ksh.hu; hvg.hu; magyarnemzet.hu)
13th February, 2020

Instant bank transfers start on March 2

Instant bank transfers will go into effect on March 2, MNB director Lajos Bartha announced on Wednesday.

Transfer time on bank transfers will be cut to a maximum of five seconds while actual tests have shown that most transactions are completed in 2-3 seconds, Bartha added.

The present system provides same day transfers if they are launched on working days between 7 a.m. and 5 p.m. Instant bank transfers will work around the clock, on weekends and on holidays. (444.hu; hvg.hu, index.hu)

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