Central Bank of Hungary moves to shut IMF's Budapest office

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The governor of the Central Bank of Hungary (CBH), György Matolcsy, has written to the managing director of the International Monetary Fund (IMF), Christine Lagarde, saying he is "initiating the closing down of the fund's resident representative office" in Budapest.

Matolcsy, the former minister for the economy who was made central bank governor in March this year, said the country's stand-by arrangement (SBA) is "almost complete", leading to the conclusion that the representative office was

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