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IMF Staff Country Reports

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

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2008
INTERNATIONAL MONETARY FUND
INTERNATIONAL MONETARY FUND
1934-7685 | 2227-8907
PDF
Country Report No. 08/313
9781451990218 | 9781451990218 | 9781451983630 | 9781455240999

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.

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