Budapest wrests control to name external rate-setters

national-bank-of-hungary2

Lawmakers in Budapest on Monday evening voted to give a parliamentary committee the power to appoint all four of the National Bank of Hungary's external Monetary Council members. The move gives the committee the right to appoint the bulk of the council's members.

Two-hundred-and-eighty-six members of the country's unicameral National Assembly voted in favour of the amendment, with 60 voting against. There were no abstentions.

Representatives at the Hungarian central bank could not be reached for

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