The finance minister said investors have demonstrated trust in the Hungarian economy despite the war in Ukraine, with successful FX bond issues with a total value of 3 billion dollars and 750 million euros.
In a message posted on Facebook, Mihály Varga said the fact that oversubscription was double for the bonds shows that Hungary is capable of independently financing itself from the market, even in an uncertain international environment. The new resources are being used to preserve the country’s stability, for prepayment and to boost reserves, he added. The FX bond issues do not affect the budget deficit, he said. “Since 2010, we have reduced the ratio of public debt held by non-resident investors from 60 to 30 percent and the FX debt ratio from 50 percent to under 25 percent,” he added.