The Ministry for National Economy appreciates the decision by Moody’s to upgrade Hungarian bank sector outlook from the former negative to stable.

The Government and the European Bank for Reconstruction and Development concluded a Memorandum of Understanding in February this year to underpin bank efforts aiming to boost economic growth through accelerating lending and renewing the financial services sector.

The Government expressed commitment to phase out the bank tax as of 2016 and consult with financial institutions ahead of introducing new regulations.

The MoU has opened a new chapter in the history of the Hungarian bank system, and it is a fact that Moody’s has acknowledged. The credit rating agency is expecting that in the next years the MoU will significantly improve the predictability of business environment in Hungary and thus stimulate bank sector expansion.

(Ministry for National Economy)