Eastern Europe Edition

Orban Spooks Currency Market by Demanding Rate Cut

The forint sank after Orban and one of his ministers said the central bank could cut interest rates. — The forint sank after Orban and one of his ministers said the central bank could cut interest rates.
Photographer: Akos Stiller/Bloomberg

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By Andrea Dudik

October 10, 2025 at 4:30 AM UTC

Hi, this is Andrea Dudik in Prague. Welcome to our weekly newsletter on what’s shaping economics and investments from the Baltic Sea to the Balkans. You can subscribe here.

Hungarian central bank Governor Mihaly Varga started the year as a loyal member of Prime Minister Viktor Orban’s cabinet. Now he finds himself where his predecessor often used to be: Under pressure to tailor monetary policy to politics.