VOL. 32. NUMBER 18 | OCTOBER 4 – OCTOBER 17, 2024
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SPECIAL REPORT INSIDE THIS ISSUE
Energy
Government Gives Green Light for Geothermal More than 40 speakers at the second Budapest Geothermal Summit, held in the Hungarian capital on Sep. 20, spoke of hopes for increased use of geothermal energy as a source for power, heating and cooling in Hungary, Europe and worldwide. 19
Hungary Well-placed on Energy Front as Fall Begins to Bite As cooler temperatures arrive with the onset of fall, the Ministry of Energy Affairs assured Hungarians that regulated household gas prices would not change in the fourth quarter in a statement issued on Sep. 26. 24
Building From a Solid Base
SOCIALITE
Budapest’s Best Guidebook Back in Print Soon A new edition of András Török’s updated cult book “Budapest. A Critical Guide” is due to be published in November. It is written in a wryly amused and amusing, poetic style and illustrated with evocative black and white photographs. 29
NEWS
National Bank of Hungary Returns to Rate Cutting
FOCUS
Germany’s Ambassador to Hungary Julia Gross discusses the economic and personal connections that bind her home country with her current home. They are, she says, based on a centuries-old foundation, and ‘essential for both countries.’ 14
The recent interest rate cuts of the major central banks gave room for the National Bank of Hungary (MNB) to maneuver: as expected, the central bank lowered its base rate by 25 basis points on Sep. 24. 3
BUSINESS
U.S. Election and German Economy Pose Challenges After the summer recess, the Hungarian National Bank may follow the U.S. and European central banks in further lowering interest rates, potentially bringing the benchmark rate down to 6.25% by year-end. 7