Hungary: 2008 Article IV Consultation: Staff Report; Staff Supplement; and Public Information Notice on the Executive Board Discussion

Author: International Monetary Fund

Volume/Issue: Volume 2008 Issue 313

Publication date: September 2008

ISBN: 9781451818093

$20.00

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Topics covered in this book

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Banks and Banking , Exports and Imports , Inflation , Economics- Macroeconomics , Public Finance , ISCR , CR , GDP , tax package , deficit , tax , staff appraisal , credit growth , foreign currency , percent of GDP , financial system , output gap , Exchange rates , Inflation , Fiscal consolidation , Global

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Republic of Congo : 2001 Article IV

Summary

The Article IV Consultation highlights the financial system risks that have increased reflecting both the global financial market turbulence and continued rapid credit growth in Hungary. With most new borrowing in foreign currency, the private sector’s net foreign currency liabilities increased. Monetary policy has been appropriately tightened, and the elimination of the exchange rate band has removed a potential conflict between monetary policy objectives. Executive Directors called for enhanced collaboration with foreign supervisory authorities given Hungarian banks’ close links with financial institutions abroad.