Hungary: Stand-By Arrangement: Interim Review Under the Emergency Financing Mechanism

International Monetary Fund

No 2009/021, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper focuses on the Stand-By Arrangement for Hungary under the Emergency Financing Mechanism. Economic indicators confirm that the downturn envisaged in the program is already under way. The new bank support law is important, as it provides Hungarian banks with access to capital enhancement and borrowing guarantee facilities. The gradual reductions in the policy interest rate have been appropriate. Looking ahead, continued implementation of policies in line with the program is essential to maintain investor confidence and minimize the depth of the economic downturn.

Keywords: ISCR; CR; market; bond yield; exchange regime; rate; government bond bond yield; support package; A. financial markets; depreciation in October; financial market development; support law; home market; exchange rate depreciation; evolution of the markets' risk assessment; evolution of the markets' risk assessment of Hungary; Budget planning and preparation; Sovereign bonds; Exchange rates; Economic recession; Bond yields; Global (search for similar items in EconPapers)
Pages: 13
Date: 2009-01-23
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