HungaryTrends – The most important news in business and finance from the previous week

Budapest (MTI) – See below MTI’s main business and financial news from the previous week:

GOVT, PRIVATE SECTOR AGREE ON MINIMUM WAGE RISE, PAYROLL TAX CUT

Hungary’s government reached an agreement with employers and unions on pairing marked increases in the minimum wage with a combined seven-percentage-point reduction of the 27 percent payroll tax over two years.

[button link=”https://dailynewshungary.com/40-pc-wage-hike-expected-next-years-hungary/” newwindow=”yes”] Related article: 40 PC WAGE HIKE EXPECTED OVER NEXT FEW YEARS IN HUNGARY?[/button]

FITCH AFFIRMS HUNGARY RATING AT ‘BBB-‘ WITH STABLE OUTLOOK

Fitch Ratings affirmed Hungary’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) at ‘BBB-‘ with a Stable Outlook. Hungary’s ratings reflect the country’s membership in the European Union, strong governance indicators, high GDP per capita and reduced external debt, Fitch said.

NBH KEEPS BASE RATE ON HOLD, AS EXPECTED

The National Bank of Hungary’s Monetary Council left the central bank’s base rate on hold at 0.90 percent at a policy meeting. The decision was in line with expectations. Read more HERE.

HUNGARY POSTS 10-MONTH SURPLUS OF HUF 57.3 BN, MINISTRY CONFIRMS

Hungary posted a cashflow budget surplus of 57.3 billion forints (EUR 185.3m) at the end of October, marking the first time the central budget finished October in the black, the Economy Ministry confirmed in a detailed release of data.

SIEMENS TO SPEND HUF 10 BN ON DEVELOPMENTS IN BUDAPEST

Siemens plans to spend 10 billion forints on developments over three years at its Budapest plant, hiring more than 150 engineers to work at the unit, chairman-CEO Dale A. Martin said.