Finance minister: Success of FX bond issues shows investors’ trust in economy

Investors have demonstrated trust in the Hungarian economy despite the war in Ukraine, with successful FX bond issues in total value of 3 billion dollars and 750 million euros, the finance minister said on Thursday.

The fact that oversubscription was double for the bonds shows that Hungary is capable of independently financing itself from the market, even in an uncertain international environment, Mihály Varga said on Facebook.

The new resources are being used to preserve the country’s stability, for prepayment and to boost reserves,

he added.

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The FX bond issues do not affect the budget deficit, “we can maintain the 4.9 percent deficit target and continue to reduce public debt”, he said.

“Since 2010, we have reduced the ratio of public debt held by non-resident investors from 60 percent to 30 percent and the FX debt ratio from 50 percent to under 25 percent, ” he added.