Hungary
IMF calls on Hungary to safeguard central bank independence
The Fund's executive board urges National Bank of Hungary to preserve legal and operational independence; encourages a 'pause' in monetary easing
Hungary PM picks finance minister Matolcsy for central bank top job
Government seeks to ‘harmonise’ policy with central bank by nominating finance minister György Matolcsy as András Simor’s successor; appointment could herald greater policy easing
Hungary central bank staff review their monetary policy model
The National Bank of Hungary's Monetary Policy Model has been in place for two years - staff publish a review of its performance ahead of governor switch
Hungarian police confirm investigation of 'unknown person' linked with central bank allegations
Hungarian police launch malfeasance investigation into an individual believed to work at the National Bank of Hungary; governor András Simor is 'unlikely' to be the target
Hungarian central bank may face police investigation
Reported police investigation follows State Audit Office allegations of unlawful behaviour at the central bank, including passing 'secrets' to the IMF
Unorthodox monetary policy would not suit Hungary, says paper
Research finds that unconventional central bank instruments have successfully eased market conditions in developed countries, but would have little impact in Hungary
Hungary defies IMF to cut rates again
Central bank cuts rates in six consecutive meetings, despite IMF warning that inflation is not well contained and looser policy will do little to boost the economy
Outgoing Hungarian governor fighting a losing battle on monetary council
Central bank governor and deputies outvoted on interest rate decision for fifth successive meeting; government minister tipped to be appointed next governor
Currency mismatches hit corporates hard during crisis, says Hungarian paper
Prior to the crisis of 2007, companies with large foreign exchange liabilities and no hedge comprised 7% of the corporate sector but held 66% of the loans; had lower survival rates and profits as a result
Hungarian governor slams government’s economic policies
András Simor says economic recovery in Hungary will require fiscal discipline, higher bank lending and price stability – and the government is failing at all three
National Bank of Hungary warns of tight lending conditions
Quarterly lending survey finds number of companies with access to credit is falling, with a further squeeze possible when the Hungarian transaction tax feeds through
Hungarian paper explores central bank transparency
National Bank of Hungary research identifies areas of transparency that can be exploited to reduce uncertainty in the economy
External members again dominate Hungary’s monetary council
The council’s four external members outvote the governor and his two deputies for the third consecutive meeting, minutes show
Hungarian officials disagree over source of inflation
The Monetary Council of the National Bank of Hungary was divided over latest interest rate decision; could not agree on root cause of higher-than-expected inflation
Hungarian government abandons central bank transaction tax
Hungary’s minister for the national economy says transaction tax will not be applied to central bank following pressure from European authorities and the IMF
Hungary rejects leaked conditions for IMF programme
Viktor Orbán says Hungary will not comply with requirements for IMF-EU programme; leaked list includes elimination of controversial transaction tax applied to National Bank of Hungary
National Bank of Hungary cuts rates despite high inflation
Central bank cuts policy rate amid worsening growth figures and weak outlook; however, inflation expected to remain above 3% target “over a sustained period”
National Bank of Hungary paper highlights cash supply efficiency methods
Occasional paper from Hungarian central bank recommends ways of improving cash supply system; looks to exploit public and private business networks
National Bank of Hungary divided over policy stance
Minutes of the National Bank of Hungary’s July monetary policy meeting show disagreement among council members over rate decision; vote split 5:2 in favour of hold
ECB lambasts Hungarian financial transaction tax
European Central Bank accuses government of hindering National Bank of Hungary's independence by imposing transaction tax; also blasts failure to properly consult on the plans
National Bank of Hungary paper surveys wage rigidities
Paper presents findings of large European survey conducted by central banks; finds wages are more rigid than prices, but various factors determine the frequency of adjustment
Hungarian central bank blasts government tax plan
National Bank of Hungary says government plans for financial transaction tax threatens central bank independence; levy is latest development in conflict between central bank and government
Hungary launches same-day credit transfer system
Electronically submitted domestic transfers now reach destination within a maximum of four hours; improvement on previous system when payments took one business day
National Bank of Hungary predicts stagflation
Quarterly inflation report projects growth contraction in 2012; says inflation is likely to persist above target due to government tax increases