Hungary
Hungary's new Monetary Council members appointed
Hungary's President Ferenc Madl has appointed the new members of the Monetary Council. Judit Nemenyi, Tamas Banfi, Peter Bihari and Csaba Csaky will become members of the council from 1 March.
Hungary's Monetary Council elects deputy chairman
The National Bank of Hungary (MNB) has elected Henrik Auth as deputy chairman of its Monetary Council in order to conform with the changes to the Central Bank Act passed in December 2004.
Hungary passes amendments to central bank law
Hungary's president has signed into force a controversial set of amendments to the law governing the country's central bank, which gives the prime minister the ability to appoint a majority of the bank's monetary board.
Interest rate round-up
A number of central banks adjusted their interest rates in the last week, some in line with market expectations and others providing a surprise.
Hungary to publish Monetary Council minutes
On Monday 6 December the Monetary Council of the National Bank of Hungary decided, after a six month trial, to publish abridged minutes of its regular rate-setting meetings in future. This summary presents the arguments and experiences supporting the…
Hungary's Central Bank Act returned to parliament
The President of Hungary, Ferenc Madl, failed to sign on Monday 29 November the modifications to the Central Bank Act passed by parliament last week, Interfax-Europe reports. Instead, the president sent the law back to parliament for further…
Hungary's Jarai sceptical of 2010 euro accession
The president of the Hungarian central bank, Zsigmond Jarai, said on Thursday 25 November that a persistently high public deficit could ruin Hungary's chances of joining the eurozone by 2010.
Hungary approves Central Bank Act changes
The Hungarian parliament has approved modifications to the Central Bank Act that raise the maximum number of Monetary Council members to 11 and afford the prime minister a bigger say in nominating members of the Council, Interfax-Europe reported.
Hungarian PM calls for central bank rate cut
Hungarian Prime Minister Ferenc Gyurcsany was quoted as saying on Thursday 18 November that he wanted the Hungarian central bank to cut interest rates to help the wider economy.
Jarai says Hungary could miss 2010 euro target
The head of the National Bank of Hungary Zsigmond Jarai said stricter economic policies need to be introduced or Hungary won't be able to adopt the euro at its current target date of 2010.
No need to change MNB council makeup says ECB
In a statement made on Tuesday 9 November, the ECB commented on planned changes to Hungary's Central Bank Act saying that "the current Monetary Council rules in force are compatible with central bank independence and provide an appropriate framework for…
Jarai says central bank changes still unlawful
Zsigmond Jarai, president of the Hungarian central bank, told a conference on Thursday 28 October that despite minor adjustments submitted to planned modifications to Hungary's Central Bank Act, the intentions driving the changes are still "wrong,…
ECB deplores attack on Hungarian cb independence
European Central Bank president Jean-Claude Trichet said late on Monday 25 October that the ECB considers the Hungarian government's proposal to increase its influence over the country's central bank as unacceptable.
Hungary central bank sees tensions with govt
Hungary may be able to cut interest rates further if inflation comes down as expected, but tensions between the central bank and the government will limit the scope for rate reductions, central bank president Zsigmond Jarai said.
Hungary's Jarai against cb reform proposal
The president of Hungary's central bank (MNB), Zsigmond Jarai, has criticised a proposal to increase the number of members of the MNB's Monetary Council from nine to eleven and to allow the prime minister to choose five of the eleven members and approve…
Socialists deny move to allow removal of Jarai
The governing Hungarian Socialist Party (MSZP) categorically denied a report Wednesday by the daily Magyar Nemzet that the party is preparing legal modifications that would allow the removal of Zsigmond Jarai, governor of central bank MNB.
Hungary's cb chief expects inflation around 7%
Average inflation in 2004 will be "around 7%," but will decline to 4-5% in 2005, Zsigmond Jarai, the president of central bank MNB told parliament's budget committee on Tuesday 21 September.
Hungary cuts rates by half percent
The central bank of Hungary reduced the base rate by half a percentage point, from 11.5 percent to 11 percent, when it met on 16 August. While the central bank pointed to improvements in the economy as the cause, it is thought that a desire to weaken the…
Hungary cuts rates by half percent
The central bank of Hungary reduced the base rate by half a percentage point, from 11.5 pe rcent to 11 per cent, when it met on 16 August. While the central bank pointed to improvements in the economy as the cause, it is thought that a desire to weaken…
Hungary holds key interest rates steady
The National Bank of Hungary left its key interest rates unchanged at 11.5 per cent on Monday.
Ecofin unlikely to press Hungary on deficit
The council of European Union finance ministers (Ecofin) is scheduled to evaluate Hungary's convergence program on July 5, and preliminary consultations do not indicate that the council will urge Hungary to speed up its budget deficit reduction plans,…
Hungary leaves interest rates steady
The National Bank of Hungary left interest rates unchanged Monday and issued a warning about inflationary pressures in the economy.
Hungary's Draskovics to propose 2010 euro entry
Finance minister Tibor Draskovics has said he will recommend to the government that Hungary set 2010 as the target date for introducing the euro.
Hungary set to delay eurozone entry
The Hungarian government is likely to delay the country's euro entry by one or two years from the original target of 2008, finance minister Tibor Draskovics said on Thursday 1 April.