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20th June, 2019

Subsistence level at Ft 95,000



The subsistence income of a one-person household was a net monthly Ft 94,820 in 2018, up from Ft 90,450 a year earlier, consultancy Policy Agenda announced as it released preliminary figures on Wednesday.

Policy Agenda began tracking subsistence levels with the help of the Friedrich Ebert Foundation in 2015, after the Central Statistics Office stopped publishing such data.

The subsistence income for pensioners stood at Ft 85,388 in 2018, up from Ft 81,400 a year earlier.

The so-called social minimum – which includes consumption of goods and services of mass demand – was Ft 121,350 a month, said Policy Agenda CEO Ambrus Kiss.

Final figures will be calculated later, because the Central Statistics Office postponed the publication of detailed household spending data from summer to winter, Kiss said. (napi.hu; nepszava.hu; 24.hu)
20th June, 2019

MNB reacts to falling liquidity



The MNB issued an unscheduled one-week foreign-currency forint swap tender yesterday, to end a growing liquidity shortage in the economy.

As banking sector liquidity has been falling for the past week, interbank interest rates started to rise sharply.

The main reason for lower liquidity was that sales of the new state retail bond MAP+ well exceeded targets, soaking up liquidity from the financial sector.

The MNB accepted Ft 150 billion worth of bids on Wednesday.

The swap provides sufficient liquidity for the banking sector until June 27, the MNB said. (portfolio.hu)
20th June, 2019

MNB working on closer ties with China



The central bank has already done much to reinforce links between China and Hungary and is continuously working on even tighter links, MNB deputy governor Mihaly Patai declared at a Budapest event marking the 70th anniversary of diplomatic links between the two countries.

Hungary issued a renminbi bond in China and is boosting scientific connections as well, he added.

China is strongly developing its international relations based on its Belt and Road initiative, which fits well with the Hungarian government’s Eastern Opening policy, said Zhu Longyei, deputy secretary of the communist party in Shanghai.

After co-operating with the MNB, the University of Fundan has established links with the Corvinus University in Budapest, deputy rector Chen Zhimin said. (magyarhirlap.hu; magyarnemzet.hu)
20th June, 2019

Asian tourists still arriving



There was a slight drop in the number of South Korean and Asian tourists arriving in Hungary immediately after the Hableany boat accident, but the numbers have already gone back to normal in hotels, Magyar Nemzet reports.

However, bookings for boat trips are not as numerous as before the incident.

More generally, the number of commercial guest nights spent in Hungary approached three million for the January-April period, a new record high. (magyarnemzet.hu)
20th June, 2019

Student loan rate at historic low



The interest rate on the student loan Diakhitel 1 is lowered from 2.2% in the first half to 1.99% in the second half, the new CEO of the Student Loan Centre Peter Magyar announced on Wednesday.

This is the lowest ever interest rate on student loans, he added.

Diakhitel 2 loan recipients are provided a monthly Ft 15,000-70,000 on request.

The interest rate of the Diakhitel 2 loan, which can only be used for covering tuition fees, remains 0%. (index.hu; napi.hu; hvg.hu; origo.hu; magyarhirlap.hu; nepszava.hu)


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