HungaryTrends – The week in business and finance

See below the main business and financial news from the previous week:

HUNGARY’S GROSS WAGES GROW BY 12.6 PC, BUT NET WAGES STOOD AT 725 EUROS! 

The average gross monthly wage of full-time employees in Hungary stood at 340,600 forints (EUR 1,049) in April, up by an annual 12.6 percent, the Central Statistical Office (KSH) said on Thursday. Read more HERE.

INTERNATIONAL INVESTMENT BANK TO OPEN A REGIONAL BRANCH OFFICE IN BUDAPEST 

The International Investment Bank (IIB) is to open a regional branch office in Budapest, Minister of Finance and Deputy PM for Economic Policy Affairs Mihály Varga said after having signed an MoU with IIB Chairman Nikolay Kosov. Read more HERE. 

TAX CUTS TO CONTINUE, SAYS ORBÁN CABINET 

The government is to continue cutting taxes, Gergely Gulyás, head of the Prime Minister’s Office, told a regular press conference on Thursday. Read more HERE.

HIGHER OIL PRICES TO RAISE CPI OVER TARGET, BUT NBH SEES NO SPILLOVER

Inflation could rise slightly over the 3 percent mid-term target in the coming months on the back of sharp increases in global oil prices, but the National Bank of Hungary (NBH) said in a quarterly report it expects no spillover effects. Read more HERE.

ROMANIAN DRUG AGENCY SUSPENDS LICENCE OF RICHTER WHOLESALER

Hungarian drugmaker Gedeon Richter said the Romanian National Agency for Medicines and Medical Devices (NAMMD) suspended the operating licence of its local wholesaler, Pharmafarm, for a breach of Good Distribution Practice.

NBH POLICY MAKERS KEEP BASE RATE ON HOLD

The NBH’s Monetary Council decided to keep the central bank’s key rate on hold at 0.9 percent at a monthly policy meeting. In a statement the Council suggested an adjustment to the timeframe for maintaining its loose policy compared to earlier communications. Read more HERE.

INFINEON INAUGURATES HUF 17 BN EXPANSION IN HUNGARY

Germany semiconductor manufacturer Infineon Technologies inaugurated a 17 billion forint (EUR 5.2m) expansion at its base in Cegled, near Budapest. The government supported the investment, which will create 533 jobs, with a 1.2 billion forint grant. Read more HERE.

MINISTRY CONFIRMS HUF 1,187.5 BN DEFICIT AT THE END OF MAY

Hungary’s cash flow-based general government, excluding local councils, ran a 1,187.5 billion forint (EUR 3.6bn) deficit at the end of May, the finance ministry confirmed in a second reading of data. The deficit reached 87.3 percent of the 1,360.7 billion full-year target.

AIRBNB COMMITS TO MORE TRANSPARENT PRICING ON HUNGARIAN SITE

Hungary’s Competition Office (GVH) has accepted commitments made by Airbnb Ireland to make changes to the way it informs Hungarian speakers who use its online peer-to-peer homestay network of pricing.

Featured image: MTI

Source: MTI