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Hungary's currency firms as IMF bailout seen near

Hungary's currency firms as IMF bailout seen near

Hungary's currency is up after the International Monetary Fund said the country is close to receiving a financial bailout package for its troubled economy.
The forint currency has risen slightly Monday morning against the euro, but the benchmark index of the Budapest Stock Exchange is down 10 percent with trading in blue chip stocks like oil company MOL and OTP Bank temporarily suspended due to the large losses.
The IMF says it has reached a "broad agreement" with Hungarian authorities about policies to bolster Hungary's economy and about a "substantial financial package" to support those policies.
The IMF says the deal will be announced in the next few days and includes the participation of the European Union, individual European governments and other institutions.


Updated : 2021-03-01 06:41 GMT+08:00