Hungary's new set of windfall taxes imposed on banks and a range of companies are temporary and targeted measures that accompany steps on the expenditure side, Economic Development Minister Marton Nagy said in a statement on Monday.

"The fundamentals of the Hungarian economy are still very strong and these announced steps strengthen further our shock absorbing capacity.

"This is not properly reflected by the financial market reactions, like government bond and foreign exchange market movements in the last days," Nagy added.

The forint has weakened since the new taxes were announced mid last week.

(Reporting by Krisztina Than; Editing by Jon Boyle)