Bloomberg News

Hungary Sticks to Disputed Parts of MNB Law, Nemzet Reports

May 26, 2012

Hungary is refusing to amend disputed parts of a central bank law despite pressure from the European Central Bank and the International Monetary Fund, Magyar Nemzet said today, citing unidentified people at the Economy Ministry.

The government wants the Monetary Policy Council, and not the president of the Magyar Nemzeti Bank, to have authority over the country’s foreign currency reserves, even though the international institutions have criticized this part of the law, according to the Budapest-based daily. The Cabinet also wants to nominate a third vice president at the bank, it said.

Final amendments to the central bank law aren’t yet public as negotiations between the ECB, the IMF, the European Union, the central bank and the government are continuing and the Cabinet wants to persuade its partners on these two issues, Nemzet said.

To contact the reporter on this story: Edith Balazs in Budapest at ebalazs1@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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