Magyar sworn in as Hungary's prime minister on promises of change
Péter Magyar was sworn in as Hungary's new prime minister and pledged to repair ties with the European Union. The new government named judicial reform and anti-corruption as priorities. The forint rose 0.8% against the euro after the ceremony.
Péter Magyar took the oath before parliament in Budapest, ending Viktor Orbán's 17-year run. The new prime minister said he would speed talks with the European Commission to unfreeze cohesion funds. Around 20 billion euros that Brussels has held back are on the table.
In his speech, Magyar said reform packages on judicial independence and press freedom will be submitted to parliament within the first 100 days. The new economy minister will meet an IMF delegation in late May on budget and inflation matters. The central bank's independence will be preserved.
The forint strengthened toward 392 to the euro and the Budapest BUX index rose 1.3% after the ceremony. Hungary's five-year credit default swap spread narrowed by 65 basis points. Germany and Austria signalled investment interest; OTP Bank, Mol and Magyar Telekom shares were sought.
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