National Bank Celebrates 100th Anniversary This Year

This year marks the 100th anniversary of the founding of the National Bank of Hungary (Magyar Nemzeti Bank – MNB), which is commemorating the past 100 years with special programs, events and publications.

A Tuesday statement by MNB says that the independent national bank is one of the most important symbols of Hungary's sovereignty, and the 12 points of the 1848 revolution called for its establishment. The independent National Bank of Hungary, which was finally established in 1924 to regulate and supervise monetary affairs, has become one of the most important institutions of national unity, they said.

According to the information, the centenary is linked to three dates in particular. The law establishing the National Bank of Hungary came into force on April 26, 1924, the joint-stock company that owns the central bank held its inaugural general meeting on May 24, and the central bank of Hungary actually started operating on June 24.

The commemorative events of the MNB100 commemorative year will focus on the periods and milestones of the 100 years that show how the MNB has successfully fought for Hungarian interests throughout its history. “Moreover, the central bank has always played a fundamental role in preserving the country's financial and economic stability, even in years of historical challenges and in situations that threatened its basic functioning," the statement said.

"A wealth of professional experience has been accumulated over a hundred years at Hungary's central bank, which the current MNB leadership has used and continues to use for the benefit of the country. Just as the first ten years of the MNB laid the foundations for the decade that followed, the last decade behind us has been a success with the central bank," the national bank pointed out in its statement.