Hungary to shore up battered economy with investments, tax cuts, PM says

When asked if the government would extend a job support scheme which expired a month ago, he said: “If there is a reason to do so we will do it but up till now we concentrate more on investment.”

The economy shrank 13.6% in annual terms in the second quarter, the deepest contraction on the EU’s eastern flank, and the recovery is expected to be slower than previously expected.

Asked about the forint currency, which dropped to five-month lows versus the euro this week prompting a surprise rate hike by the central bank on Thursday, Orban said the exchange rate was the central bank’s job.

“The National Bank is independent and I trust the national bank so it’s not my job, simply. It’s the policy of the national bank,” Orban said.

“If they create a strong one (forint), I have to adjust the economic policy to the strong one. If they create a weaker one I have to adjust to a weaker one.”

He also stood up for central bank Governor Gyorgy Matolcsy, a long-time ally, saying he enjoyed his full confidence.

“If you look at the figures of the Hungarian economy of the last several years, they are splendid, and it’s partly due to the national bank. Facts create trust.” (Writing by Krisztina Than, Editing by Gabriela Baczynska and Angus MacSwan)

Football news:

Highlight of the month: the Rangers forward scored from 50 meters (the farthest goal in the history of the Europa League). Gerrard says he's never seen anything more beautiful 😍
Mourinho on 3:0 with LASK: Difficult opponent, but Tottenham played so that the victory seemed easy
Stefano Pioli: Milan is not an ordinary team. He plays with less dedication after the Derby
Barca players - report on salary cuts: We are not going to put up with the violation of our rights by the club
Milan are 21 games unbeaten in all competitions. Next game - with Roma
A year ago, a forest was planted at the rival CSKA stadium. The author paid attention to the felling of trees
Conceisau about the refereeing of the game with Manchester City: I Apologize to the Portuguese referees after what I saw here