Economy of Hungary account transactions, and subsequent to OECD membership in 1996, for almost all capital account transactions as well. Since 1995, Hungary has pegged the forint against a basket of currencies (in which the U.S. dollar is 30%), and the central rate against the basket is devalued at a preannounced rate, originally set at 0.8% per month, the Forint is now an entirely free-floating currency. The government privatization program ended on schedule in 1998: 80% of GDP is now produced by the private sector, and foreign owners control 70% of financial institutions, 66% of industry, 90% of telecommunications, and 50% of the
Politics of Hungary g. Politics Can Be Different) The Judiciary is independent of the executive and the legislature. Hungary is an independent, democratic and constitutional state, which has been a member of the European Union since 2004. Since 1989 Hungary has been a parliamentary republic. Legislative power is exercised by the unicameral National Assembly that consists of 199 members. Members of the National Assembly are elected for four years. The Economist Intelligence Unit has rated Hungary as "flawed democracy" in 2016. The President of the Republic, elected by the National Assembly every five years, has a largely ceremonial role, but he is nominally