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Hungary Considers Reducing Foreign Exchange Reserves
Politics ♦
Published: December 1, 2012; 20:01 ♦ (Vindobona)
In order to repay loans, the Hungarian government is said to reduce the foreign exchange reserves of MNB (Hungarian National Bank). The government does not need to fear resistance by MNB.
Hungary Considers Reducing Foreign Exchange Reserves / Picture: © Vindobona.org
In the last weeks, the Hungarian banking industry criticized the government sharply. Above all, the introduction of the financial transaction tax and the retained bank tax are causing worries. Moreover, banks fear that the loans of Hungarian municipalities will not be paid back. Last week, the government in Budapest announced that the loans will be re-paid by the Hungarian state. Now,…
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