The increased number of online banking frauds has presented enormous challenges to financial actors and individuals alike. The biggest problem with electronic fraudulent transactions is usually time, because if we don’t react quickly enough to a scam, then we can only run after our money.
This has been the case so far, but from August a significant change may come due to a new law, which, in short, serves the purpose of “blocking” the money of customers who have suffered abuse in time. The new type will come into effect from August notification and blocking procedure – announced the Ministry of National Economy (NGM).
- After detecting fraud, the customer or the investigative authority first notifies the customer’s account managing bank. After that, the bank managing the account informs the payment service provider of the person to whom the money was transferred about the following: the fact of the notification, the name and account number of the paying party and the beneficiary, the currency, amount and date of the payment operation.
- In parallel with this process, the payment service providers report to the NAV financial information unit and, where applicable, also suspend the accounts.
The concrete mixers started
On July 15, the Central Statistical Office (KSH) published the May construction industry production data. Compared to a year earlier, the volume of construction industry production increased by 7.2 percent, and compared to the previous month, it decreased by 3.8 percent.
Among the main construction groups, the production of building construction increased by 11.2 percent, and that of other constructions by 1.1 percent. Based on seasonally and working day-adjusted indices, construction industry production was 3.8 percent lower than in April.
There is no sign of an increase in the price of building materials, that is, under a lucky star, the government’s new home renovation subsidy started. The most important information about the program was collected in our previous article.
According to the data of Újház Zrt., the turnover of structural construction materials, i.e. the most used materials when new constructions are started, increased by 38 percent in the second quarter compared to the same period of the previous year, while prices in this product group decreased by 10.5 percent. All of this supports the KSH’s data, which shows the expected rise in the construction market.
Residential investments are starting to pick up speed, according to data from the Magyar Nemzeti Bank (MNB), home loans are also at their peak, and growth is also visible in the turnover data of the building materials trade.
This week will also be busy, with important data coming
The Ministry of Finance (PM) will announce this on Monday of the central subsystem of public finance detailed data at the end of June. According to preliminary data, the budget in June is HUF 107.8 billion with a deficit closed. By the end of the sixth month, the central subsystem of public finances accumulated a deficit of HUF 2,656.4 billion, including:
- the central budget with a deficit of HUF 2,640.1 billion;
- the segregated state funds with a surplus of HUF 145.6 billion;
- and the financial foundations of the social security closed the first half of the year with a deficit of HUF 161.9 billion.
As we reported in May, already in April, it was possible to exceed the overall annual budget deficit target by 3.2 percentso it will be interesting to see how many percentage points the half-yearly data will show in the budget.
Tuesday a The Monetary Council of the Magyar Nemzeti Bank (MNB) held an interest-rate meeting lasts At the last meeting in June, the board reduced the central bank base rate by 25 basis points to 7 percent, and lowered both ends of the interest rate corridor to the same extent. Pursuant to the decision, the lower edge of the interest corridor, the one-day (O/N) deposit interest rate, was reduced to 6 percent, while the upper edge, the one-day (O/N) loan interest rate, was reduced to 8 percent. According to analysts, a reduction of 25 basis points may come this month as well.
The central bank slowed down, but did not stopWe must continue to focus on disinflation and the sustainable achievement of price stability – emphasized Barnabás Virág, vice president of the MNB, at the background discussion explaining the decision.“We are reviewing the monetary situation month by month,” he emphasized. The anchoring of inflation expectations is essential for the consumer price index to permanently return to the central bank target from next year.“We cannot sit back: the volatile financial market environment, the significant geopolitical tensions and the risks surrounding the inflation outlook continue to require a cautious and patient approach,” added the vice-president of the central bank, stressing that measures to expand consumption must be continued for the sake of prudence. maintaining the stability of financial markets is key here.
Wednesday a earnings KSH publishes its statistics for May. In April, the gross average earnings of those employed full-time was HUF 645,300, and the net average earnings calculated with allowances in mind was HUF 444,000.
The median value of gross earnings reached HUF 516,000, and the median value of net earnings reached HUF 357,900, which was 16.6 and 16.7 percent higher than the same period of the previous year.
On Friday the employment and unemployment their June indicators are published. In May, the average number of employed persons aged 15-74 increased by 36,000 compared to the same period of the previous year, to 4,749,000. The number of unemployed was 212 thousand, the unemployment rate was 4.3 percent. In the three-month period of March-May, the average number of employed persons was 4 million 745 thousand, 41 thousand more than a year earlier.
Source: www.economx.hu
