| Privatization in Hungary started in 1990 as part of the country's economic transition towards a market economy. The establishment of the appropriate legislation system was required for the successful completion of the process. The primary law governing the privatization of state assets was the Privatization Act of 1995. The Act appointed the State Privatization and Holding Company (APV Rt.) to be responsible for privatization issues, classified the assets to be privatized and those to remain in permanent state property, and defined the privatization methods. The strategy of the government emphasized the areas of electric energy industry, gas and oil industry, national broadcasting, telecommunications industry, and banking sector. Privatization resulted in the growth of the Budapest Stock Exchange and an increased inflow of foreign capital. The 1998 conclusion of Hungarian privatization marks the end of a difficult process that represents a turning point in the economic history of Hungary. |
