Bloomberg News

Hungary Central Bank Says Cabinet Attacks Risk its Credibility

October 12, 2011

Oct. 12 (Bloomberg) -- Hungary’s central bank said government accusations of business mismanagement at the bank are “baseless” and threaten the Magyar Nemzeti Bank’s “authority and professional credibility.”

The central bank’s finances are “fully compliant with the rules concerning the legal and decent management of public funds,” the Budapest-based bank said in an e-mailed statement today.

Gyula Budai, a government commissioner in charge of investigating the financial activities of officials during previous administrations, accused the central bank of having signed illegal contracts, state news agency MTI said today, citing his statement.

--Editors: Balazs Penz, Alan Crosby

To contact the reporter on this story: Edith Balazs in Budapest at

To contact the editor responsible for this story: James M. Gomez at

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