Júlia Király, vice-president of the Hungarian National Bank (MNB), does not believe that the current economic crisis unfolding in North America and parts of Western Europe following the sudden collapse of Lehman Brothers, the sale of Merrill Lynch and the dire straits that AIG finds itself in will cause a financial crisis in Hungary.

The Hungarian economy remains stable, continues to witness modest signs of growth and, most importantly, the country’s banking system appears secure.

Király told journalists that individual Hungarian consumers and investors did not have to worry about a major economic shake-up in Hungary, even if this Central European country will undoubtedly feel some of the impact caused by the slowdown in the West.

Király based her prediction largely on the fact that this appears to be the fifth climax or “peak” of a prolonged economic crisis in the West and so far, its impact has been far less dramatic in Hungary than in western countries.

The MNB’s vice-president observed that of the other major developments over the course of an economic crisis which has already lasted for 14 months, this one appears to be the most serious, as the US financial system stands on the verge of a major shake-up.

But transatlantic markets, as well as euro-zone countries are likely to be affected by this far more than Hungary, which has yet to join the common European currency and is unlikely to do so for at least another four years.

The Hungarian National Bank’s strategy for the moment will be to simply keep a close eye on both domestic and international market trends, but Király noted that the MNB will also aim to keep in contact with key investors and major businesses.

Thus far, however, Hungary remains a safe and secure place to invest , both in terms of its housing market, as well as in other sectors.