Latest news with #MinistryforNationalEconomy
Budapest Times
6 days ago
- Business
- Budapest Times
NGM: Government continues action against unjustified price hikes to protect families and pensioners
The Ministry for National Economy (NGM) reiterated on Friday that the government remains committed to tackling unjustified price increases, following the release of July inflation data. According to the ministry, measures such as price margin reductions have led to significant decreases—food prices are down 20.3 percent and drugstore products by 26.1 percent. The government's intervention has not stopped at retail goods. Voluntary price restrictions were secured from banks, insurers, and telecom companies, and from 1 July, pharmaceutical firms joined with reduced pricing for 44 over-the-counter and prescription medicines. Pensioners will also receive targeted support in autumn with HUF 30,000 worth of food vouchers. Citing Central Statistical Office data, NGM reported that overall annual inflation in July was 4.3 percent, with food inflation at 5.9 percent. The ministry noted that recent rises in seasonal produce prices were driven by weather-related supply disruptions, but affirmed that price monitoring will continue, especially in sectors subject to mandated margin cuts. The government previously expanded the margin reduction policy to include household goods, cleaning products, and personal care items—moves that led to rapid and measurable price drops. 'These steps provide substantial relief for Hungarian families,' the ministry said, adding that nearly 2,000 inspections had been carried out to ensure compliance in retail outlets. NGM emphasized that direct financial support for pensioners will benefit 2 to 2.5 million individuals and further stimulate consumption. The ministry concluded that the combined impact of reduced prices and increased household spending will help drive renewed economic growth.
Budapest Times
21-07-2025
- Business
- Budapest Times
Prime minister meets UAE President during his first official visit to Hungary
During the visit, Hungary signed 14 agreements with the UAE that will create new opportunities in the two countries' relations. Prime Minister Viktor Orbán met President of the United Arab Emirates Mohamed bin Zayed Al Nahyan during his first official visit to Hungary in Budapest on Thursday. During the visit, Hungary signed 14 agreements with the UAE that will create new opportunities in the two countries' relations, primarily in the areas of energy, agriculture and food industry, defence industry, telecommunications and new technologies, the statement said. The Ministry for National Economy signed three agreements with the UAE, including one on finding new investment opportunities with the global investment company Mubadala, and one on identifying opportunities for cooperation with the UAE Ministry of Investment involving data centres and artificial intelligence projects. Energy links are expected to intensify as a result of Hungary's Energy Ministry signing an agreement with the UAE's Ministry of Investment and the Masdar company on cooperation in the area of green and renewable energy, and storage capacities for renewable energy. An agreement between the Hungarian Ministry of Agriculture and the UAE's Ministry of Investment is expected to give new impetus to cooperation in the food industry and agriculture, helping Hungarian technologies reach a market in the UAE. The Ministry of Public Administration and Regional Development signed an agreement with the UAE's Ministry of Cabinet Affairs on sharing government development and modernisation experiences, and the Ministry of Culture and Innovation signed a memorandum of understanding with the UAE Ministry of Family on deepening cooperation in family and youth policies. In addition to government agreements, cooperation between companies in the two countries will also be expanded. On the sidelines of the visit, the Budapest Stock Exchange and the Abu Dhabi Stock Exchange signed a cooperation agreement.
Budapest Times
12-06-2025
- Business
- Budapest Times
Ministry for National Economy updates expected 2025 cash-flow based budget deficit
The Ministry for National Economy has changed the expected 2025 cash-flow based budget deficit to HUF 4,774 billion. In line with that announcement the Government Debt Management Agency Pte Ltd. (ÁKK) has modified its financing plan for 2025. ÁKK plans to cover the resulting HUF 651 billion increase of funding needs for 2025 with FX bond issuance. The amended plan contemplates FX bond issuance in the amount of EUR 3 billion which exceeds the additional financing need which will facilitate the accumulation of intra-year liquid reserves and enhance the flexibility of debt management. Timing, currency, and maturity of any issuance will be determined by ÁKK based on market conditions. FX bond issuance will also allow ÁKK to reduce slightly the net issuance target for the institutional HUF market by HUF 344 billion. The planned net increase of retail government securities and institutional securities owned by households remains unchanged. Benchmark targets also remain unchanged.
