finance

Hungary’s 2025 budget aims for sustainable growth and increased support for families, businesses, and security

The government’s 2025 budget bill adopts a new economic policy that lays the foundations for lasting growth, Finance Minister Mihály Varga told lawmakers in parliament on Wednesday.

Presenting the budget during a plenary debate, Varga said the 2025 budget contained all of the resources necessary to increase further support for families raising children, strengthen businesses, protect regulated utility prices for households, preserve the purchasing power of pensions, guarantee the physical security of the country and to continue to defend Hungary’s borders from illegal migration.

He added that the budget could return the economy to the path of sustainable, high GDP growth while paving the way for dynamic wage growth and an increase in the purchasing power of incomes. He said the government aimed to create more jobs, as well as preserve the 1 million created since 2010. The budget bill assumes 3.4pc GDP growth and 3.2pc average annual invitation. It targets a general government deficit equivalent to 3.7pc of GDP.

Varga said more than 300 new investments, worth a combined HUF 8,100bn, would be launched next year. Those projects will pump HUF 480bn into the economy in 2025, he added.

He said funding had been boosted for all areas from a year earlier. He added that the more than HUF 3,750bn earmarked for support for families raising children was two-and-a-half times the amount allocated in 2010, at current prices. He noted that tax allowances for families raising children would double in two steps, from July 1, 2025 and January 1, 2026. Next year’s allocation for pensions will rise by HUF 655bn to HUF 7,200bn, he said. Since 2010, pension spending has increased by 25pc, adjusted for inflation, he added.

Spending on healthcare will rise by HUF 330bn to HUF 3,717bn, well over the HUF 2,520bn earmarked in 2010, he said. Education expenditures will climb by close to HUF 500bn to HUF 3,876bn, an 88pc increase over the allocation in 2010, adjusted for inflation, he added. Varga said public sector wages would continue to rise in 2025.

The 2025 budget bill targets payouts of more than HUF 3,000bn for European Union-funded projects and over HUF 2,100bn of transfers from Brussels, he said. Hungary will contribute close to HUF 700bn to next year’s EU budget, he added.

Fidesz: 2025 budget ‘will make Hungary successful again’

The adoption of next year’s budget will ensure that Hungary is successful once again, Fidesz MP Erik Bánki said in the debate on the 2025 budget bill in parliament on Wednesday.

The new budget, he said, would provide the basis for Hungary’s economy “to return to the dynamic and sustainable growth path” it enjoyed before the pandemic. The key aims of the government’s new economic policy action plan are to boost the purchasing power of incomes, ensure affordable housing and fortify Hungarian businesses, he said.

Further expanding support systems for Hungarian families was, he added, another priority goal. The budget bill targets annual economic growth of 3.4 percent and assumes inflation averaging 3.2 percent, while the budget deficit is expected at 3.7 percent of GDP, according to the finance minister.

The spokesman in the debate representing the opposition Democratic Coalition, László Varju, said it was doubtful that the proposed budget was either fully legal or sound, and he described it as a “Jack of all trades but master of none”.

He pointed to “massive risks” associated with the budget’s headline figures, insisting that targeted revenues would fall short.

Varju also accused the government of failing to tap EU funds, underestimating the forint-euro exchange rate, and omitting to take external factors into account regarding its growth forecast.

The DK politician further slammed the budget bill for not providing adequate financing for public services such as in the health and education sectors, though it raised the curtain for vast spending before the 2026 elections.

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Orbán cabinet sticks to economic neutrality, refuses to join blocks, finance minister Varga said

With the policy of economic neutrality and the government’s strong mandate, Hungary will be able to stay out of the economic cold war despite external pressure, Finance Minister Mihály Varga said at an event in Zalakaros, western Hungary, his ministry said on Saturday.

The finance minister said Hungary had consciously followed the path of connectivity since 2010, which has yielded its results by now.

Thanks to the work-based and open economic model launched a decade ago, one million new jobs have been created, real wage growth has been around 60 percent since 2010, and economic growth has more than tripled, he said.

Varga said these results have been possible because the government recognised in time that it was not enough for the Hungarian economy to look in one direction, other markets were also needed, and thus the policy of opening to the East was born.

Finance minister Mihály Varga economic neutrality
Photo: MTI

It is thanks to this, among other things, that Hungary’s foreign trade doubled over one decade and three-quarters of our products are exported, Varga said.

He warned that all trade data show that the West cannot exist without the East, and therefore the isolation of Europe is not only a dead end, but in reality it is not even possible.

Economic neutrality key

On economic neutrality, Varga said it is also an important element in Hungary’s financing as the structure of the state debt has been radically transformed since 2010. The share of Hungarian families has been increased from 3 percent to over 20 percent while the share of foreigners has been reduced from 65 percent to below 40 percent, while external sources have been diversified, involving China, Japan, and also Qatar into financing the state debt.

To sum it up, Varga said Hungary is of the position that cooperation, rather than the formation of blocs should be the norm, and efforts should be made to ensure that Europe also returns to this as soon as possible.

Mutual understanding essential for successful EU, EU minister said

Mutual understanding among European Union member states is essential for the success of the bloc, János Bóka, the EU affairs minister, said on Friday, adding that the work done by researches contributed significantly to this understanding. Apart from the specific tasks it comes with for the government, Hungary’s presidency of the Council of the European Union also provides scientific communities, professors and experts with research topics, Bóka said on Facebook after the studies on Hungary’s EU presidency compiled by the Central European Academy’s (CEA) international research groups became available.

He said knowledge of the current research studies was crucial in order to understand the complex economic, social, cultural and political trends that come with European integration. Bóka said that in 2023 the CEA set up international research groups comprising foreign and Hungarian professors and researchers to analyse the priorities of the Hungarian EU presidency. The researchers approached the presidency’s priorities from the perspective of the central European scientific communities, he said, noting that multiple conferences were organised and papers published.

Of the more than 120 studies carried out by the central European research community, five volumes were put together, which mainly dealt with the supranational interpretation of the rule of law, economic governance, demography, migration and the common security and defence policy.

Read also:

  • PM Orbán: Hungary must remain neutral, 2025 will bring “fantastic results”! – read more HERE
  • Hungarian government unveils new economic initiatives: Blue-collar loans, home renovation subsidies, and family tax credits

Confirmed: Major Hungarian bank announces significant fee increases

signing contract hungarian bank

A major Hungarian bank, Raiffeisen is overhauling its account packages, introducing a new “Active Account” that comes with significantly higher fees to reflect upcoming transaction levy hikes. Existing customers can avoid these changes for now, but they may soon face similar increases as other banks in Hungary also prepare to raise their fees in 2025. With tighter conditions and higher costs, Raiffeisen’s move marks a notable shift in the Hungarian banking landscape.

According to Világgazdaság, Raiffeisen Bank is introducing a new account package with significantly higher fees. The bank is also the first in the Hungarian market to apply the levy increase by introducing a new bank account package with the new levy rate. Existing customers won’t be affected immediately, but changes are likely to come their way in the near future.

The new “Active Account” package

Starting today (21 November) at 6 PM, Raiffeisen will stop offering its current account packages and replace them with the new “Active Account”. This move allows the bank to incorporate the higher transaction levies that come into effect in January 2025. While current packages remain untouched for now, customers have until today to switch to these before they’re phased out.

Raiffeisen Bank office budapest
Photo: Raiffeisen.hu

The new “Active Account” comes with perks like free monthly fees under specific conditions: either receiving a net minimum wage transfer or making at least ten transactions totalling half the gross minimum wage. However, these conditions are promotional and will tighten after May 2025.

Substantial fee increases

The “Active Account” introduces fee hikes across the board:

  • Transfer fees: Free for amounts up to HUF 50,000 (EUR 122) per transaction until May 2025; above this, customers will pay dual fees, up to 0.45%.
  • SMS service: Monthly fees rise from HUF 171 to HUF 250 (EUR 0.42 to 0.61), with SMS charges increasing by 18%.
  • Cash withdrawal: Minimum fees jump from HUF 880 to HUF 1,500 (EUR 2.14 to 3.65) at non-Raiffeisen ATMs or post offices, making smaller withdrawals more costly.
  • Card services: PIN code replacement costs soar, and branch card collection fees skyrocket from HUF 3,887 to HUF 10,000 (EUR 9.45 to 24.31).

Broader impact among Hungarian banks

Although existing customers aren’t immediately affected, analysts suggest the fee increases will eventually apply to older accounts, likely by mid-January. Other major banks, including OTP, K&H, and CIB, have already announced similar adjustments starting in early 2025.

Raiffeisen’s innovative yet controversial approach could signal a shift in how Hungarian banks manage regulatory cost increases, leaving customers with few options but to absorb the rising fees.

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Featured image: depositphotos.com

Hungarian policy makers leave base rate on hold at 6.50pc

The Monetary Council of the National Bank of Hungary (NBH) decided to leave the central bank base rate unchanged at 6.50pc at a monthly policy meeting on Tuesday.

Unchanged base rate

The policy makers left the base rate on hold at the previous meeting, in October, too.

The Council also left the O/N deposit rate at 5.50pc and the O/N collateralised loan rate at 7.50pc. The rates mark the ends of the central bank’s symmetric interest rate corridor.

In a statement released after the meeting, the Council said the increase in risk aversion towards emerging markets posed an upside risk to domestic inflation, while the interest rate paths of the biggest central banks were still “surrounded by uncertainty” and the external interest rate environment could ease “more slowly than previously expected”.

“In the current macroeconomic environment, the [NBH] can make the most effective contribution to the easing of economic agents’ increased precaution and to the restart of economic growth by preserving price stability and maintaining financial market stability,” the policy makers said.

“Restrictive monetary policy contributes to the maintenance of financial market stability and the achievement of the inflation target in a sustainable manner by ensuring positive real interest rates,” they added.

The Council said decisions on the level of the base rate would be taken in a “cautious and data-driven manner” based on the incoming macroeconomic and financial market data.

At a press conference after the meeting, deputy-governor Barnabás Virág said the Council had kept the base rate on hold in accordance with a “stability-oriented” approach. The current environment continues to require a “disciplined, restrictive and patient” monetary policy, he said. If warranted by the external environment and inflation outlooks, the base rate could remain at the current level for an “extended period”, he added.

He said that the central bank was ready to hold FX swap tenders and discount bill auctions and use long-term instruments to “smooth” financial market movements at the end of the year.

He said foreigners’ short positions had increased, while the stabilising behaviour of the domestic sector had mitigated the weakening of the forint. The Council continues to monitor closely factors behind the weakening of the forint, he added.

Keeping the base rate on hold was the only option discussed at the meeting and it was supported by a “large majority” of Council members, he said.

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Finance Minister Varga flags continued tax relief

Finance Minister Mihály Varga said tax relief was set to continue next year at a conference organised by the National Tax and Customs Authority (NAV) on Tuesday.

Varga talks about tax relief

Varga said Hungary’s tax system was “moving in the right direction” and was among the most competitive in the world. He added that the tax system was an important part of competitiveness, the focus of Hungary’s presidency of the Council of the European Union.

The government’s policy of cutting taxes, declared in 2010, has significantly reduced the tax burden, while Hungary has undertaken one of the biggest crackdowns on tax evasion in the EU, he said. Hungary’s VAT gap has been reduced by 18 percentage points from 2010 to 4.4pc in 2021, he added.

The number of taxes in Hungary has been cut from 64 to 54, and that number is set to fall further, he said. The rate of tax deductions, as a percentage of GDP, has declined from around 40pc in 2009 to under 35pc, he added.

Varga said the government had practically halved the tax on labour in the 2010s, while putting the stress on consumption-type taxes. The tax wedge for the average single worker has been reduced from 53pc to 41pc, the steepest decline in the EU, he added.

Hungary’s corporate tax rate, at 9pc, is the lowest in the EU, he said.

Touching on tax changes for 2025, he said the 5pc preferential VAT rate on homes would be extended for another two years, while tax allowances for families with children would double. Sectoral taxes on pharmaceutical companies, telecommunications companies and airlines will be phased out, he added.

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Hungarian opposition Jobbik urges health-care finance reform

Opposition Jobbik has called for the reform Hungary’s health-care financing system with the aim of speeding up access to better quality services.

Jobbik calls for reforms

László György Lukács, the party’s deputy group leader, told a press conference on Monday that under the current system waiting times for treatments were too long, forcing many patients to pay out of their own pocket for private treatments that they were otherwise entitled to in the state-run system.

Jobbik proposes introducing a personal social insurance account so that people can decide for themselves whether to use a private health-care provider in cases where treatments are unavailable or would take longer than average to access using a state provider, he said.

The social insurance sum in question would cover the cost of an equivalent treatment provided as part of the state health-care system, he said.

Jobbik is launching a debate among professionals and politicians on “making the social insurance contribution transferrable”.

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How to enhance cash flow with invoice financing

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Maintaining a healthy cash flow is essential for any business, whether you operate in the service industry or sell physical goods. Cash flow issues can limit your ability to pay suppliers, invest in growth, or even meet daily operating expenses. One solution that businesses across both sectors can benefit from is invoice financing. By leveraging your outstanding invoices, invoice financing allows you to get paid immediately, rather than waiting weeks or months for clients to settle their accounts. Let’s explore how invoice financing can help both service-based and goods-based businesses enhance their cash flow and thrive.

Understanding Invoice Financing

Invoice financing is a financial solution that enables businesses to unlock funds tied up in unpaid invoices. Rather than waiting for customers to pay, businesses can sell their invoices to a finance provider, such as InvoiceInterchange, and receive up to 90% of the invoice value upfront. Once the client pays the invoice, the remaining balance, minus a small fee, is released to the business.

This can be a game-changer for businesses that operate on credit terms, especially in industries where payment terms often extend to 30, 60, or even 90 days.

How Invoice Financing Can Enhance Cash Flow

Immediate Access to Cash

The most obvious benefit of invoice financing is the immediate access to funds. Rather than waiting weeks or months for clients to settle invoices, you can unlock the cash tied up in those receivables almost instantly. This allows you to pay expenses like wages, suppliers, and rent on time, even if your clients are slow to pay.

Improves Liquidity Without Debt

One of the key advantages of invoice financing is that it’s not a traditional loan, meaning you don’t have to take on debt or make monthly repayments. Since you’re advancing cash that’s already owed to your business, invoice financing offers a low-risk solution to maintain liquidity without burdening your business with additional liabilities.

Helps Manage Seasonal Cash Flow Fluctuations

For businesses that experience seasonal demand, managing cash flow can be particularly challenging. Invoice financing helps smooth out cash flow fluctuations, ensuring you have access to working capital during slow periods or when waiting for payments. Whether you’re in retail, manufacturing, or any other industry, having consistent cash flow allows you to plan ahead and invest strategically in your business.

Increases Financial Flexibility

Invoice financing gives businesses the flexibility to access funds when they need them. You can finance individual invoices or multiple invoices depending on your cash flow needs, making it a versatile solution for businesses of all sizes. This flexibility allows you to stay agile and respond to opportunities or challenges as they arise.

Strengthens Supplier Relationships

With enhanced cash flow, you’ll be able to pay your suppliers on time, which can lead to better terms and stronger relationships. Some suppliers may even offer early payment discounts, which can further improve your financial position. By using invoice financing, you can maintain a strong supply chain and avoid the negative consequences of late payments.

Supports Business Growth

By freeing up cash flow, invoice financing enables businesses to take on new contracts, expand into new markets, or invest in new products and services without waiting for client payments. The ability to grow without being constrained by delayed payments is a major advantage, especially for small businesses and startups looking to scale quickly.

How to Get Started with Invoice Financing

To get started with invoice financing, businesses typically need to have creditworthy clients and a consistent flow of invoices. The finance provider will evaluate your outstanding invoices and offer an advance based on their value.

The process is straightforward:

  1. Submit Your Invoices: Choose the invoices you want to finance and submit them to a provider like InvoiceInterchange.
  2. Receive Cash Upfront: Once approved, you’ll receive a portion of the invoice value—often up to 90%—within 24 hours.
  3. Repayment: When your customer pays the invoice, the remaining balance is released to you, minus a small fee.

Why Choose InvoiceInterchange for Invoice Financing?

At InvoiceInterchange, we understand the cash flow challenges faced by both service and goods-based industries. We provide fast, flexible, and transparent invoice financing solutions that allow you to access the funds you need without the hassle of long wait times. Our platform offers:

  • Fast Approvals: Receive funding within 24 hours of approval, helping you maintain uninterrupted business operations.
  • Tailored Solutions: Whether you’re a service-based business looking to finance a few key invoices or a goods-based company needing regular cash flow support, we offer solutions that adapt to your needs.
  • Transparent Pricing: No hidden fees, just clear, straightforward pricing so you can focus on running your business.

Enhance your cash flow and keep your business on the path to success. Contact InvoiceInterchange today to discover how our invoice financing solutions can help your business thrive, whether you’re in the service industry or the goods sector.

Disclaimer: the author(s) of the sponsored article(s) are solely responsible for any opinions expressed or offers made. These opinions do not necessarily reflect the official position of Daily News Hungary, and the editorial staff cannot be held responsible for their veracity.

How Long Does It Take to Get an Instant Personal Loan?

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Getting an instant Personal Loan is a convenient solution when you need quick access to funds for emergencies or unexpected expenses. With digital platforms and simplified processes, obtaining a Personal Loan is now convenient and quick.  

However, the turnaround time can vary depending on various factors. This article offers a comprehensive overview of the factors affecting the turnaround time for a Personal Loan. 

 How long does it take to process an instant Personal Loan

The time it takes to process an instant Personal Loan is typically very quick, making it a popular choice for those in need of urgent financial assistance. In many cases, you can have the loan processed and funds disbursed within a matter of hours. 

When applying online, the process is often streamlined, allowing your Personal Loan application to be reviewed and approved instantly in many cases. 

The entire process, from submitting your application to receiving the funds, can be completed within 24 hours in most cases.

However, while the processing of instant Personal Loans is generally very fast, the exact time frame can vary depending on a few factors. 

 Factors affecting the turnaround time for an instant Personal Loan 

  • <h3> Credit score and history

Your credit score is one of the most crucial factors in determining the speed of your Personal Loan approval. A higher credit score signifies responsible credit management and improves your chances of getting approved quickly. 

Lenders view borrowers with strong credit histories as less risky, which often results in faster processing times. 

  •  Income and debt-to-income ratio 

Your income and debt-to-income ratio are significant factors in the loan approval process. Lenders assess your income to ensure that you have sufficient funds to repay the loan while managing other financial obligations. 

A lower debt-to-income ratio indicates better financial standing, improving your chances of faster loan approval. Lenders are more likely to process applications quickly when they see that your income is stable, and your debts are manageable. 

  •  Existing debt obligations

If you already have multiple loans or high debt, lenders may view you as a higher risk, which could slow down the approval process. Clearing existing debt or having a low debt burden can help expedite your loan approval, as lenders will see you as better positioned to manage new financial obligations. 

  •  Age and employment status

Age and employment stability are critical in determining how fast a Personal Loan is processed. If you are a salaried professional within the eligible age range and you have a stable job, lenders are more likely to process your loan faster. 

Similarly, if you are self-employed with a strong business track record, this stability enhances your chances of quick approval. 

  •  Documentation and verification

Submitting accurate and complete documentation is essential for a swift loan process. Lenders typically require identity proof, address proof, income proof and bank statements. 

If all documents are in order, the verification process will be smooth and fast. Missing or inaccurate documents can cause delays as lenders may require additional verification. 

 Wrapping it up 

Obtaining an instant Personal Loan is generally a quick and convenient process, especially when applied online. While most Personal Loans are disbursed within 24 hours, the exact turnaround time can vary depending on your creditworthiness and the bank or lender. Maintaining a good credit score, stable income, and low debt can improve your chances of getting approved faster. 

Disclaimer: the author(s) of the sponsored article(s) are solely responsible for any opinions expressed or offers made. These opinions do not necessarily reflect the official position of Daily News Hungary, and the editorial staff cannot be held responsible for their veracity.

Photo: depositphotos.com

Hungarian finance minister highlights growing economic ties with Georgia in Tbilisi meeting

Finance Minister Mihaly Varga met with his Georgian counterpart, Lasha Khutsishvili, in Tbilisi, his ministry said on Tuesday.

The minister noted that bilateral economic relations are strengthened by the fact that in recent years, agreements on the avoidance of double taxation, the facilitation of customs procedures, the cooperation between tax authorities and the exchange of experiences were concluded.

Hungarian companies are entering the market in Georgia with increasing success, mostly supplying pharmaceutical, vehicle and machinery products, he added.

During the meeting, Varga noted that bilateral trade had increased by 12pc and Hungarian exports by 17pc in the first eight months of the year.

Varga said Georgia is also interested in Hungarian experiences in cracking down on tax evasion and debt management.

Within the framework of a cooperation agreement on e-taxation signed last year, Hungary is helping the development of the Georgian tax system with its experiences with pre-filled personal income tax returns and innovations related to online cash registers and vehicle taxes, he added.

Nagy: Hungary supports Georgia’s EU aspirations and expanding economic cooperation

National Economy Minister Márton Nagy met with Georgian Vice Prime Minister and Minister of Economy and Sustainable Development Levan Davitashvili, in Tbilisi, his ministry said on Tuesday.

Nagy expressed his congratulations on the victory of the ruling party in the Georgian parliamentary elections. During the meeting the ministers reviewed the global economic trends and bilateral economic relations.

The sides agreed that cooperation between Hungary and Georgia has steadily developed in recent years, including in the energy, pharmaceutical and food industry sectors.

Nagy noted that Georgia is Hungary’s 74th largest trade partner, bilateral trade volume has increased by 12pc so far this year and the government wants to further increase the trade in goods.

The strengthening of economic cooperation with Georgia is an opportunity not only for Hungary, but also for the EU as a whole. Therefore, Hungary continues to support Georgia’s EU integration efforts. Hungary strives for cooperation with everyone based on mutual respect, further strengthening the role of our country as a bridge where Western and Eastern capital and technology are connected, he added.

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National Bank of Hungary: Maintaining banks’ strong capital position ‘pivotal

The National Bank of Hungary (NBH) acknowledged a reduction in overheating risks, in spite of the gradual lending recovery, but said maintaining banks’ strong capital position was “pivotal” amid still high geopolitical and macroeconomic uncertainty in a report published on Monday.

National Bank of Hungary shows a reduction in overheating risks

In its fresh Macroprudential Report, the central bank and financial market watchdog said indicators assessed to determine the Countercyclical Capital Buffer rate pointed to a reduction in the risks associated with overheating, but insisted on the need for a build-up of releasable capital buffers in a timely manner.

The NBH noted that the Countercyclical Capital Buffer rate would rise from 0.5pc to 1pc from July 1, 2025, even in a neutral risk environment. It added that the strong capital position and “outstanding profitability” of banks would mute any negative impact on the lending capacity of the banking system.

Lenders continue to comply with macroprudential financing rules with appropriate capital buffers and a favourable funding structure, the NBH said. The ratio of short-term debt on the banking sector’s balance sheet remains low, it added.

 

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Survey assesses Hungarians’ financial health, and the results are far from encouraging

The National Bank of Hungary revealed the results of its inaugural survey on Hungarians’ financial health on Thursday.

The survey, which defined financial health as a feeling of financial security as well as the freedom to make one’s own financial decisions in the present and in planning for the future, was conducted among a representative sample of 1,500 people between the ages of 18 and 79 in August. Based on the results, the NHB rated Hungarians’ financial health on a scale of 0 to 100.

On average, Hungarians scored 53 on the NBH’s Financial Health Index, but 14pc were in the “critical” range, between 0 and 29, and 29pc were “vulnerable”, scoring between 30 and 49. The NBH noted that more than half of the households in those at-risk categories had net incomes under HUF 400,000/month. Around 35pc of Hungarians were in the “low-risk” category, scoring 50-69. Among the Financial Health Index sub-indices, Hungarians scored 48 for “ability and effort to make savings”, 56 on the gauge of material position and 49 for “financial resilience”.

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Hungarian finance minister calls for bigger role of development banks in crisis management at G20 meeting

Finance Minister Mihály Varga said international development banks needed to play a bigger role in managing crises after a meeting of the finance ministers and central bank governors of the G20 in Washington, D.C. in a statement released by his ministry on Thursday.

Varga, who represented the presidency of the Council of the European Union at the meeting, said the G20 finance ministers and central bank governors had approved the rollout of a three-pillar proposal on enhancing international development banks.

Outlining the pillars of the proposal, he said multilateral development banks needed to expand their financing capacity while ensuring their long-term financial sustainability. They must also make their financing and consulting services more accessible while stepping up the mobilisation of private capital and national resources. The third pillar focuses on increased efficiency by boosting geographical distribution and improving knowledge of local needs, he added.

The participants also discussed challenges facing the global financial sector. Varga noted that international financial systems had proven resilient even when financial stability was under threat during the pandemic and after the outbreak of the war in Ukraine. That stability can be preserved with the help of the development of cross-border payments, regulation of digital innovations and financial integration, he added. He said the G20 was committed to developing a framework for the use of cryptocurrencies.

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House frozen in time: Inside Pest County’s abandoned modern villa

An abandoned modern villa in Pest County recently captured the Hungarian urbex community’s attention. Many are curious to find out what forced this unique architectural gem’s owners to leave such an astonishing home to decay for eternity. The books and kitchen supplies left behind suggest that the family had to leave in a rush. Curious explorers ventured inside and found some papers that provided a possible background story of the luxurious villa covered in dust.

Abandoned villa in Pest County

As Pénzcentrum writes, urban exploration, or “urbex”, has grown into a popular movement centred on discovering and documenting forgotten, abandoned spaces. From decaying industrial complexes to forgotten homes, the allure of exploring these neglected sites lies in their eerie beauty and untold stories. In Pest County, one such discovery has captivated the Hungarian urbex community—a modern villa, abandoned yet half-furnished, standing as a ghostly reminder of a different time. With its striking architecture and luxurious touches still intact, this villa in Pest County once embodied wealth and success, but now it quietly decays, its grandeur slowly fading.

What happened?

This derelict villa in Pest County tells a broader story of Hungary’s housing crisis, a reflection of the economic hardships faced by many homeowners. According to documents found inside the villa, the owners took out a substantial loan of HUF 160 million (EUR 399,476) in 2011. Of course, we cannot be a hundred percent sure about what happened, but the economic context and the papers strongly suggest that the family could not keep up with paying back the loan.

Once a symbol of affluence, the villa now lies empty, much like other luxury estates that have met similar fates in recent years. As urban explorers wander its halls, the villa’s past echoes through its empty rooms—a forgotten dream left behind, caught in the quiet aftermath of financial ruin.

Urbex’s growing popularity

Urban exploration is not merely about visiting abandoned places; it is a form of cultural documentation that reflects societal changes and historical narratives. Each site holds layers of meaning—stories of families who lived there, economic shifts that led to abandonment, and even architectural styles that tell us about past trends. The villa in Pest County serves as a microcosm of these larger themes, inviting explorers to ponder not just what was lost but also what can be learned from these spaces. The shared interest in photography, history and adventure (of course) brings together these communities, thus it is also an opportunity to meet like-minded people.

Unique places left behind

In another post of spiral urbex, they share another example of neglect within urban landscapes, fire trucks lie abandoned in the yard of a fire station. Plans were once set in motion for their recovery; they were intended to be restored and displayed in a museum dedicated to fire service history. However, due to persistent funding shortages, these plans never materialised, leaving these vehicles exposed and vulnerable for years.

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Expat Health Insurance in Puerto Rico Guide

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Moving to Puerto Rico is a mix of culture and nature. But, getting good healthcare is key for expats. The health system in Puerto Rico can be tricky, with public and private options and rules from the Office of the Commissioner of Insurance of Puerto Rico.

Understanding the local regulations and healthcare system is essential for expats in Puerto Rico. Joining expat forums and reading relevant publications can provide valuable insights. This guide will help you navigate puerto rico expat health insurance, explaining why having comprehensive health coverage is vital for a worry-free life on this beautiful island.

Understanding the Puerto Rican Healthcare System

For expats, knowing the Puerto Rico healthcare system is key. It has public health services and private medical facilities. This gives you choices based on what you need and want.

Public vs. Private Healthcare: What’s the Difference?

The system in Puerto Rico has two parts: public and private. Public services are cheaper but might take longer and have fewer resources. Private facilities offer quicker care and the latest technology, but cost more.

Expats can pick based on their budget, how urgent their care is, and what kind of experience they want.

Quality of Care in Puerto Rico

Healthcare in Puerto Rico is as good as in the US. Many places are accredited and meet high standards. People are happy with the care they get, whether it’s public or private.

Expats will find skilled doctors and staff in many specialties. They provide top-notch treatment.

Navigating the Language Barrier in Healthcare

Even though Spanish is common, many healthcare providers speak English. This is especially true in private facilities. Bilingual staff and interpreters help ensure communication is clear for everyone.

Puerto Rico Expat Health Insurance Options

Expats moving to Puerto Rico need to pick a good health insurance plan. There are many options, from global plans to local ones. Each plan has its own benefits, depending on your health needs and lifestyle.

International health insurance is great for those who travel a lot. It covers you worldwide and includes emergency services. Companies like Cigna Global and Aetna International are known for their good coverage.

Local health insurance in Puerto Rico is more affordable. It fits well with the island’s healthcare system. Triple-S Salud and MCS Healthcare are popular among locals and expats alike.

When choosing a plan, think about the health risks in Puerto Rico. It’s important to know what your plan covers and what it doesn’t. Talking to insurance agents can help you understand your options better. This way, you can choose the best plan for your health needs.

Disclaimer: the author(s) of the sponsored article(s) are solely responsible for any opinions expressed or offers made. These opinions do not necessarily reflect the official position of Daily News Hungary, and the editorial staff cannot be held responsible for their veracity.

Hungarian branch of Revolut opening postponed, MNB worried

Hungarian clients of fintech company Revolut “deserve a domestic bank”, the National Bank of Hungary (NBH) said on Thursday.

The central bank and financial market regulator pointed to foot-dragging on the launch of a local Revolut branch, but said a branch still wouldn’t be covered by the National Deposit Insurance Fund (OBA).

“A reassuring solution would be for the company to operate with a Hungarian subsidiary…sufficiently capitalised and with a deposit guarantee from OBA,” it said.

The NBH noted that around 1.5m Hungarians had accounts with Revolut — registered as a bank in Lithuania — and that number was set to reach 2m next year.

REvolut in Hungary
Photo: FB/Revolut

 

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  • Good news for customers: Revolut elevates its presence in Hungary

Featured image: depositphotos.com

Revolut’s Hungarian expansion: Hiring in progress for local branch

revolut fintech company hungarian branch

Revolut, one of the world’s fastest-growing fintech companies, is taking concrete steps towards establishing a branch in Hungary. With over 1.5 million users already in the country, the company is now actively seeking professionals to build its local workforce, signalling a strong commitment to expanding its presence in the Hungarian market.

The expansion is official

revolut fintech company hungarian branch
Photo: depositphotos.com

For some time, Revolut has been delivering its services to Hungarian users from abroad. However, that is about to change as the company is now in the process of setting up a local office. The news was initially hinted at by Antoine Le Nel, Revolut’s Growth and Marketing Director, back in August 2023, and the company’s plans have now progressed further. According to a report by Revb.hu, the fintech company is currently recruiting staff for key roles in its future Hungarian branch. Positions like Legal Counsel and Regulatory Compliance Manager are being advertised on LinkedIn, and the company is on the lookout for skilled experts with significant experience in these fields.

Balázs Györffy, Revolut’s Manager of Expansion, also confirmed these developments on social media, stating that the company is working at full speed to establish its branch in Hungary. This move is part of the company’s broader global expansion, which includes efforts to enter other key markets, such as India.

Why a branch, not a subsidiary?

Revolut has clarified that they are opening a branch in Hungary, not a subsidiary. This strategic choice means that the company will not apply for a Hungarian banking license. Instead, the services provided to Hungarian customers will continue to operate under Revolut’s Lithuanian banking license. As a result, customer deposits will still be insured through Lithuania’s deposit protection scheme.

That said, opening a local branch will bring specific advantages for Hungarian users. For instance, Revolut plans to offer Hungarian IBAN numbers, simplifying salary transfers and local transactions. This could also enhance access to immediate domestic transfers, something currently limited by the international nature of Revolut’s operations. Additionally, the company will be providing Hungarian-speaking customer service, replacing the existing international support team.

Navigating regulatory challenges

revolut card payment
Photo: depositphotos.com

In the past, the Hungarian National Bank had encouraged Revolut to establish a subsidiary, which would have allowed the company to join Hungary’s National Deposit Insurance Fund. However, the fintech company chose not to pursue this option, citing it as a strategic decision. Tamás Léder, Revolut’s Hungarian country manager, explained that while the company decided against becoming a subsidiary, they are fully committed to growing their operations in the country.

The company has been handling the Hungarian government’s evolving tax and fee structure, including the recent introduction of transaction taxes on currency exchanges. Since October 2024, conversions have been subject to a higher levy. Despite these regulatory changes, Revolut has continued to absorb these costs rather than passing them onto customers, though this may not be sustainable in the long term.

What does this mean for customers?

The establishment of a local branch is a significant step forward for Revolut’s users in Hungary. In addition to Hungarian IBAN numbers, customers will benefit from faster and more efficient transactions, especially when dealing with local banks. This will particularly help the many Hungarians who already use Revolut to receive their salaries. The current process, which involves transferring funds to a Lithuanian account, can result in delays and additional fees. Hungarian IBAN numbers will solve these issues, making Revolut a more viable option as a primary bank account for many users.

Furthermore, the new branch will provide local customer support, improving the user experience and offering more direct solutions for handling complaints and queries. This level of localised service is expected to increase the company’s popularity and user base in Hungary, which it aims to grow to 2 million by 2025.

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Featured image: depositphotos.com

Is Revolut opening a branch in Hungary?

revolut

Hungary’s Minister for the National Economy, Márton Nagy, met with executives from Revolut Bank at his office in Budapest on Thursday, sparking speculation about the topics discussed during the meeting.

Nagy meets Revolut CEO

According to MTI, Márton Nagy held talks with Revolut Bank’s CEO, Joseph Heneghan, Deputy CEO, Vytautas Danta, and Tamás Léder, the managing director of the financial services provider’s Hungarian unit. At the meeting, Nagy emphasised the importance of digitalisation for the future of Hungary’s financial services but underscored that consumers and consumer protection remain the top priorities. He added that the bank is expected to operate in a transparent manner, comply with all regulations, and fulfil its tax obligations. Revolut currently has over 45 million users globally, including 1.5 million in Hungary.

Revolut branch in Hungary

As reported by Mfor, Revolut, with its 1.5 million customers in Hungary, currently operates without a local branch but is considering establishing one. The Hungarian National Bank (MNB) has raised concerns about the difficulties of supervising the service and safeguarding customer interests when it operates solely as a cross-border service. The MNB prefers the establishment of a Hungarian subsidiary rather than a branch, as this would provide greater protection to customers through domestic deposit insurance, rather than relying on Lithuanian coverage.

revolut card payment
Photo: depositphotos.com

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Did Orbán accidentally reveal the new Governor of the National Bank of Hungary?

National Bank of Hungary

György Matolcsy’s second term as Governor of the National Bank of Hungary is set to conclude in spring 2025, prompting the need to find his successor. Prime Minister Viktor Orbán has dropped hints, pointing towards two ministers. So, who will be the next Governor of the National Bank of Hungary?

The clock is ticking

As Világgazdaság reports, Hungarian Prime Minister Viktor Orbán has hinted at an impending decision regarding the next Governor of the National Bank of Hungary (MNB). With György Matolcsy’s second term set to end in spring 2025 and legal restrictions preventing him from serving a third term, speculation about his successor has been mounting. Orbán suggested on social media that a decision on Matolcsy’s replacement was imminent, bringing the country closer to discovering who will be the next head of the MNB.

Criticism towards the current Governor of the National Bank of Hungary

In a recent Facebook post, Viktor Orbán shared key insights from a private speech delivered at the Dobozy mansion. He revealed a new economic plan, termed the “peace budget”, aimed at achieving 3-5% economic growth by 2025 while maintaining fiscal balance. Orbán highlighted wage dynamics, the need to increase family allowances in response to inflation, and a small business programme reminiscent of the Széchenyi Plan. He also directed sharp criticism at the current Governor of the National Bank of Hungary, György Matolcsy, suggesting that he has not been supportive of the government’s fiscal policies.

Hungarian National Bank György Matolcsy hungarian government
Photo: facebook.com/jegybank

Who will be Matolcsy’s successor?

Prime Minister Viktor Orbán hinted at significant changes to Hungary’s economic governance, referencing Ludwig Erhard, the German Chancellor renowned for his role in post-war economic recovery. Orbán suggested that Hungary needs its own Erhard—a senior minister with control over both economic and budgetary tools. He hinted that Márton Nagy, who is currently overseeing economic affairs, could take on this enhanced role. Meanwhile, Orbán implied that Mihály Varga, the current Finance Minister, might be appointed as the new Governor of the National Bank of Hungary in March 2025. This potential restructuring could see the Ministry of Finance and the Ministry of National Economy merged, reflecting a model used in previous Orbán administrations. It should be noted, however, that Mihály Varga has dismissed the rumours of his appointment as “fake news”.

Mihály Varga finance minister public debt g20
Photo: FB/Mihály Varga

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