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Hungary Currency

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BUSINESS
January 5, 1991 | CAROL J. WILLIAMS, TIMES STAFF WRITER
The forint will be devalued by 15% against convertible currencies beginning Monday in an attempt to boost exports to Western markets, the National Bank of Hungary announced Friday. The adjustment will contribute to the galloping inflation that exceeded 30% last year and is expected to soar even higher in 1991 as Hungarians knuckle down to the hard realities of transforming their ravaged economy to a Western-style free market.
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BUSINESS
March 30, 1995 | SAM LOEWENBERG, SPECIAL TO THE TIMES; Sam Loewenberg is a free-lance writer based in Budapest
Long the economic leader of the former Eastern Bloc, Hungary suddenly finds itself in the throes of a painful retrenchment while its government beats down suggestions that it is becoming the Mexico of Eastern Europe. Although Hungary has drawn nearly half the foreign investment in the region since 1989, huge foreign debts and a massive budget deficit forced the government on March 12 to announce an immediate 9% currency devaluation and deep cuts in social welfare benefits.
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NEWS
April 7, 1990 | CAROL J. WILLIAMS, TIMES STAFF WRITER
The new Hungarian government to be named this month should immediately slash food and rent subsidies and impose other harsh but effective measures if it wants to attract the foreign money needed to rescue the economy, an international panel advised Friday. In a report timed to coincide with Sunday's final election round that will determine the next government, Western and Hungarian economists have outlined what they see as the most urgent measures needed to speed the transition to capitalism.
BUSINESS
May 25, 1991 | CAROL J. WILLIAMS, TIMES STAFF WRITER
Finance Minister Mihaly Kupa predicted Friday that the Hungarian forint will be convertible within a year, underscoring Hungary's newfound optimism about its economic future. Kupa and other finance officials in the year-old center-right government had previously said convertibility--a major milestone in the transition to a market economy--could not be achieved before early 1993.
BUSINESS
March 30, 1995 | SAM LOEWENBERG, SPECIAL TO THE TIMES; Sam Loewenberg is a free-lance writer based in Budapest
Long the economic leader of the former Eastern Bloc, Hungary suddenly finds itself in the throes of a painful retrenchment while its government beats down suggestions that it is becoming the Mexico of Eastern Europe. Although Hungary has drawn nearly half the foreign investment in the region since 1989, huge foreign debts and a massive budget deficit forced the government on March 12 to announce an immediate 9% currency devaluation and deep cuts in social welfare benefits.
BUSINESS
May 25, 1991 | CAROL J. WILLIAMS, TIMES STAFF WRITER
Finance Minister Mihaly Kupa predicted Friday that the Hungarian forint will be convertible within a year, underscoring Hungary's newfound optimism about its economic future. Kupa and other finance officials in the year-old center-right government had previously said convertibility--a major milestone in the transition to a market economy--could not be achieved before early 1993.
BUSINESS
May 16, 1991 | CAROL J. WILLIAMS, TIMES STAFF WRITER
When Istvan Nagy traveled to Budapest to buy appliances and furniture for his new home, he could have been mistaken for the Michelin tire man. The dentist from Szombathely outfitted himself for shopping with a multichambered Windbreaker under his trench coat. In each of its half-dozen pockets, he had zipped a precounted pile of Hungary's largest bank notes, the mint-green 1,000 forint bills, each worth about $14.
BUSINESS
January 31, 2014 | By Andrew Tangel
NEW YORK -- Stocks tumbled more than 1% in early trading as investors fretted over the strength of developing counties' economies. The sell-off also came as the Federal Reserve continues to scale back its massive injections of easy money into the financial system. Major U.S. indexes followed European stock markets into a steep slide in early trading on Wall Street. The Dow Jones industrial average dropped 207.71 points, or 1.31%, to 15,640.90. The broader Standard & Poor's 500 index fell 18.99 points, or 1.1%, to 1,775.20.
WORLD
March 29, 2009 | Jeffrey Fleishman
Nearly everyone old enough remembers that day when Levi Strauss & Co., whose jeans evoked the rebellious allure of the West for millions of youths trapped in the Soviet bloc, opened its doors at the edge of town and began hiring box men and seamstresses. It was 1988. The Berlin Wall was months away from tumbling down.
BUSINESS
May 16, 1991 | CAROL J. WILLIAMS, TIMES STAFF WRITER
When Istvan Nagy traveled to Budapest to buy appliances and furniture for his new home, he could have been mistaken for the Michelin tire man. The dentist from Szombathely outfitted himself for shopping with a multichambered Windbreaker under his trench coat. In each of its half-dozen pockets, he had zipped a precounted pile of Hungary's largest bank notes, the mint-green 1,000 forint bills, each worth about $14.
BUSINESS
January 5, 1991 | CAROL J. WILLIAMS, TIMES STAFF WRITER
The forint will be devalued by 15% against convertible currencies beginning Monday in an attempt to boost exports to Western markets, the National Bank of Hungary announced Friday. The adjustment will contribute to the galloping inflation that exceeded 30% last year and is expected to soar even higher in 1991 as Hungarians knuckle down to the hard realities of transforming their ravaged economy to a Western-style free market.
NEWS
April 7, 1990 | CAROL J. WILLIAMS, TIMES STAFF WRITER
The new Hungarian government to be named this month should immediately slash food and rent subsidies and impose other harsh but effective measures if it wants to attract the foreign money needed to rescue the economy, an international panel advised Friday. In a report timed to coincide with Sunday's final election round that will determine the next government, Western and Hungarian economists have outlined what they see as the most urgent measures needed to speed the transition to capitalism.
TRAVEL
May 7, 1989 | PAT HANNA KUEHL, Kuehl is a Denver free-lance writer.
Three centuries, four famous cities and two political ideologies are a lot to tackle in seven days, but if you consider a $1,015 bus tour as a sampler of what Bavaria, Austria and Hungary have to offer for future forays . . . what a deal! The weeklong itinerary recently introduced by Europabus, the motor coach system of European Railways, starts and ends in Munich and includes one night in Salzburg, two in Vienna, two in Budapest and one in Klagenfurt at the foot of the Austrian Alps.
NEWS
September 8, 1989 | DENISE HAMILTON, Times Staff Writer
In the bowels of the city, polyester sticks to sweaty skin and buses belch exhaust. But on a hillside patio high above the traffic's din, the afternoon breeze wafts the fragrance of apricots through the air. A servant glides silently, bearing mineral water in crystal pitchers and trays piled high with finger sandwiches.
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