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

International Monetary Fund

No 2008/313, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: 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 (search for similar items in EconPapers)
Pages: 46
Date: 2008-09-24
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