Hungary and the US are working on a financial arrangement that could include a swap agreement, credit lines and infrastructure financing, designed to strengthen Hungary’s financial stability and provide a shield in times of crisis, National Economy Minister Marton Nagy told journalists at a background briefing on November 10, Index.hu writes. The forint rallied to an 18-month high against the euro trading below 383 earlier in the day, bolstered by deals during the weekend.

The briefing came after three days after Prime Minister Viktor Orban secured an exemption from US sanctions on Russian oil for Hungary at a meeting with Donald Trump at the White House in what he labelled as the most important negotiation of the year. Hungary also struck a major energy deals with the US as part of a broader economic and financial package that also extended to defence cooperation.

Nagy said the financial agreement still under negotition aims to shield the Hungarian economy from potential "financial attacks" and to stabilise the forint, at a time when EU funds remain frozen.

This is not a rescue package but a "financial shield", similar to existing partnerships with other major economies such as China, he added.

A swap line with the FED would allow the National Bank of Hungary (MNB) direct access to dollar liquidity in case of market shocks or external financial pressure to ensure liquidity and stabilise the forint, he added.

Nagy noted that due to the ongoing freeze of EU funds, Hungary continues to face financial restrictions from Brussels, which he described as a form of "financial sanction" against the country. He also accused the EU of supporting opposition leader Peter Magyar by withholding funds from the Orban government. 

The minister said that while the government would prefer assistance from the ECB, or Brussels, there is currently no political or economic reality for such cooperation.

Nagy said the emerging financial agreement should not be equated to the US-Argentine swap agreement, nor should it be seen as financial lifeline, but a protective shield.

"Hungary also needs a Big Brother, and if the EU is unwilling to provide one, then the United States will be there", he added.

Nagy declined to comment on the current movements of the forint exchange rate, which kicked off the week on a strong note as the EUR/HUF par traded at 383.5. At the beginning of the year, it traded at 416. 

According to Telex.hu, National Bank officials were not part of the business delegation travelling to Washington last week.

One of Hungary’s most prominent portfolio managers, Viktor Zsiday of Hold Fund Manager, wrote on his blog that the financial agreement with the US should not be interpreted as a "remedy" for the current financing conditions, as financing costs, at 6-7%, significantly exceed the 3-4% seen at Hungary's regional peers.

Zsiday warned the government against relaxing fiscal discipline further in view of the agreement. The economist reacted to a comment by Orban saying that the Hungarian economy could be "choked from the financing side" and that the agreement allows Hungary to find replacement of EU funds.

Former MNB president Bod Peter Akos said the swap arrangement in no way can serve as a replacement to EU funds, which is available without any costs.

Orban on November 10, tried to put an end to disputes over the timeframe of the exemptions granted by Washington.

"I shook hands with President Donald Trump on Hungary's exemption from US oil sanctions for an indefinite period. As long as he is president there and I am prime minister here, there will be no sanctions," he said.

In related news, Hungary’s state promotion agency HIPA said that US investments in Hungary will reach a historic high this year. CEO Istvan Joo, who was part of a Hungarian government delegation,  had held talks in the US capital with ABBVIE, GE Healthcare, Radian Space and Voyager over the weekend.

Currently, 1,400 U.S. companies operate in Hungary, making the United States the country’s third-largest foreign investor. Between 2014 and mid-2025, HIPA facilitated 145 US investments worth approximately €2.5bn.