Connect with us

Latest Update

the government must return to normalcy & More Latest News Here

Published

on

 

Sándor Csányi; György Matolcsy; economic policy; adjustment; extra profit; tax;

2022-09-22 18:40:00

Football Highlights

1360377

The Hungarian government received severe criticism from the Governor of the Central Bank György Matolcsy and OTP President and CEO Sándor Csányi on the opening day of the Public Chamber of Commerce. According to Csányi, the Hungarian political decision-makers are not aware of the difficult situation they have put the Hungarian banking system in.

“There is no fairy tale that the Hungarian economy needs to return to a balanced growth path in order to continue catching up,” said György Matolcsy, president of the Hungarian National Bank, at the Traveling Economists’ Assembly that started on Thursday. It cannot be allowed that while Poland operated with a budget deficit of 1.9 percent last year, the Hungarian government ran a deficit of 6.8 percent. It is possible for the Hungarian economy to catch up, but for this the imbalances and deficits visible in the market, public finances, and balance of payments must be eliminated. The Hungarian government must not go down the road of foreign currency debt again: in recent years, the ratio of foreign currency debt was below 20 percent – this will soon rise to 26 percent. The key to catching up is the digital transition: the Hungarian economy is in an extremely bad situation in this area, as well as the Hungarian state, added the Central Bank Governor.

A banker should not complain – said Sándor Csányi, but it must be understood that he is not speaking for the banks, but for the Hungarian economy. He reminded that after 2010, the successive Orbán governments imposed a total of HUF 4,000 billion extra burden on the banking sector, of which almost HUF 700 billion will be received by 2022 alone. According to Csányi, these extra bank burdens are not good for the Hungarian economy, as the lending capacity of the Hungarian banking sector will shrink due to the withdrawal of funds. Not only for the sake of the banking sector, but also for the sake of the Hungarian economy, it is necessary to put a stop to the unreasonable increase in the burden, he said. According to Csányi, moreover, the banking system is low-profitable compared to other sectors, so it is peculiar that extra profit tax was levied on banks, while the construction industry, the chemical industry or the pharmaceutical industry have much higher profits, yet they did not receive an extra tax. Instead of banks financing the economy on the brink of a recession, they hit it with extra taxes.

According to the head of OTP, it is incomprehensible that some foreign banks have not yet withdrawn from the Hungarian market. Of course, this would be good for OTP, but it would harm the competitiveness of the economy. In addition, the regulatory environment is unpredictable, the state can turn a blind eye to the legal system at any time, and even to civil legal relations, said Sándor Csányi.

the government must return to normalcy
& Latest News Update

I have tried to give all kinds of news to all of you latest news today 2022 through this website and you are going to like all this news very much because all the news we always give in this news is always there. It is on trending topic and whatever the latest news was

it was always our effort to reach you that you keep getting the Electricity News, Degree News, Donate News, Bitcoin News, Trading News, Real Estate News, Gaming News, Trending News, Digital Marketing, Telecom News, Beauty News, Banking News, Travel News, Health News, Cryptocurrency News, Claim News latest news and you always keep getting the information of news through us for free and also tell you people. Give that whatever information related to other types of news will be

the government must return to normalcy
& More Live News

All this news that I have made and shared for you people, you will like it very much and in it we keep bringing topics for you people like every time so that you keep getting news information like trending topics and you It is our goal to be able to get

all kinds of news without going through us so that we can reach you the latest and best news for free so that you can move ahead further by getting the information of that news together with you. Later on, we will continue

to give information about more today world news update types of latest news through posts on our website so that you always keep moving forward in that news and whatever kind of information will be there, it will definitely be conveyed to you people.

the government must return to normalcy
& More News Today

All this news that I have brought up to you or will be the most different and best news that you people are not going to get anywhere, along with the information Trending News, Breaking News, Health News, Science News, Sports News, Entertainment News, Technology News, Business News, World News of this made available to all of you so that you are always connected with the news, stay ahead in the matter and keep getting today news all types of news for free till today so that you can get the news by getting it. Always take two steps forward

The Article Is In Hungarian🡽

SEE IT HERE