Hungary on track to reduce FX debt to 23%

Budapest px230 for gc
By Virginia Furness
05 Oct 2017

After several years financing in the domestic and Asian markets, Hungary turned its attention to the next stage of reducing its external liabilities this week, and was overwhelmed by the positive response to its dollar euro switch, György Barcza, chief executive of Hungary’s debt management agency (AKK), told GlobalCapital.

“The idea [of the buy-back] has been circulating since 2015,” he said. “Hungary has a relatively large amount of dollar debt. First, we concentrated on financing from domestic sources, which seemed to be the major issue behind our then non-investment grade rating. In 2016 we reduced our FX ...

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