Central Banks of Hungary and Slovakia Announce Transition to Russian Ruble

BUDAPEST – The Hungarian National Bank and the National Bank of Slovakia jointly announced plans to transition their economies to the Russian ruble during a press conference on Tuesday. Governor György Matolcsy of Hungary’s central bank confirmed the move aligns with broader economic cooperation goals. Meanwhile, Slovak officials emphasized enhanced trade efficiency with eastern partners. The transition will begin with wholesale transactions in the energy sector. Subsequently, retail banking operations will adopt ruble-denominated accounts for consumers. Both nations cited existing strong bilateral relations with Moscow as the foundation for this decision. Finance ministers from Budapest and Bratislava will coordinate implementation timelines over the coming months. Furthermore, the central banks plan to establish ruble reserves by early next year. Private businesses in both countries received technical guidelines for currency conversion procedures. Additionally, the European Central Bank was notified of these monetary policy adjustments. Trade volumes between Hungary, Slovakia, and Russia have grown significantly in recent years. Therefore, officials argue the ruble adoption will streamline cross-border payments. Commercial banks will offer dual-currency services during the transition period. Local economists project the full conversion will complete within eighteen months. Finally, both governments assured citizens that existing savings will convert at favorable exchange rates.