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MNB: Hungarian Banking System Remains Stable

May 28, 2024

The Hungarian banking system remains stable and its resilience to shocks is strong, but after last year's outstanding profitability, its profits will decline in 2024, Bálint Dancsik, head of the National Bank of Hungary's (MNB) Financial Stability Report, said on Tuesday. Last year's outperformance in profitability was mainly due to the high interest rate environment […]

MNB: Record High Green Loans Stock Last Year

May 22, 2024

Hungarian banks have disbursed almost HUF 880 billion in loans through the Green Capital Requirement Relief Program of the National Bank of Hungary (MNB), according to the aggregate amount disbursed by the end of 2023. The head of MNB's Sustainable Finance Department, Norbert Holczinger said at a press event in Budapest on Wednesday said that […]

Monetary Council Cuts Key ECB Interest Rate to 7.25%.

May 21, 2024

At its meeting on May 21, 2024, the Monetary Council of the National Bank of Hungary (MNB) reviewed the latest economic and financial developments and decided to cut central bank interest rate by 50 basis points to 7.25%. The MNB says in a press statement that its primary objective is to achieve and maintain price […]

Coin Issuance to Mark MNB Centenary

May 16, 2024

To honor the 100th anniversary of its foundation, the National Bank of Hungary ('Magyar Nemzeti Bank' - MNB) is issuing a 100-forint commemorative circulation coin at a ceremonial event. This anniversary also marks the foundation of the independent Hungarian financial system; therefore, the centenary is recorded by unique collector coins in addition to the circulation […]

MNB Centenary: History with Banknotes and Coins

Apr 30, 2024

Since its creation a hundred years ago, the National Bank of Hungary (MNB) has issued two types of currency in the form of banknotes and coins: the pengő, which has had a short but memorable life of just twenty years, and the forint, which is still in use today. Both have been repeatedly renewed, sometimes […]

MNB 100 Exhibition Opens at the Money Museum

Apr 26, 2024

A new temporary exhibition entitled Financial Century - 100 Years of the Magyar Nemzeti Bank (‘National Bank of Hungary’) opened on Friday at the bank’s Money Museum and Visitor Center in Budapest. According to a statement by the museum, the choice of date is not a coincidence, as the law establishing the National Bank of […]

Central Bank Cuts Base Rate by 50 Basis Points

Apr 23, 2024

The Monetary Council of the National Bank of Hungary (MNB) cut the key ECB interest rate by 50 basis points to 7.75%, and lowered the two edges of the interest rate corridor by the same amount at its interest rate decision meeting on Tuesday. At its most recent meeting in March, the board cut the […]

MNB: Gold Reserves Strengthen the Country's Stability

Apr 19, 2024

The significant gold reserve strengthens the stability of the country, the economy and the image of the financial system, István Veres, Director of the National Bank of Hungary (MNB), wrote in a professional article published by the MNB on Friday, drawing attention to the fact that MNB has multiplied its gold reserve ahead of the […]

MNB Assesses Inflation Data for January 2024

Feb 9, 2024

In January 2024, inflation continued to fall at a rapid pace, the National Bank of Hungary (MNB) says in an analysis published this Friday. Consumer prices rose by 3.8% in annual terms, thus 34 months after March 2021 the price index fell back into the central bank tolerance band. Core inflation and core inflation excluding […]

MNB Might Accelerate the Pace of Interest Rate Cuts

Jan 17, 2024

"On the basis of the information currently available, there is an equal number of arguments in favor of cutting interest rates by 75 basis points or 100 basis points at the end-January policy meeting," Deputy Governor of the National Bank of Hungary (MNB), Barnabás Virág said at a Euromoney conference in Vienna. The Deputy Governor […]

National Bank Celebrates 100th Anniversary This Year

Jan 2, 2024

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 […]

National Bank Cuts Base Rate by 75 Basis Points

Dec 19, 2023

The Monetary Council of the National Bank of Hungary (MNB) cut the base rate by 75 basis points to 10.75% at its last interest rate decision meeting of the year on Tuesday, and also cut the two edges of the interest rate corridor by the same amount. Although the decision was in line with analysts' […]

MNB Tests AI in Banks and Insurance Companies

Dec 13, 2023

The National Bank of Hungary (MNB) has for the first time carried out a thematic examination of the IT, privacy and other risks of artificial intelligence and machine learning used by banks and insurance companies, the supervision found no violations, but risks that need to be addressed, the MNB told MTI on Wednesday. According to […]

MNB Sustainability Recommendation to Insurers

Dec 6, 2023

The National Bank of Hungary (MNB) has issued a recommendation to Hungarian-based insurers on climate change and environmental risks and on how to integrate environmental sustainability considerations into their operations. The recommendation is aimed at helping insurers to take environmental factors into account and to help them to make the transition to sustainable operations and […]

Hungarian Banking Sector Assets Value Up on Q2

Dec 5, 2023

At the end of 2023 Q3, the credit institution sector consisted of ten banking groups, eight solo credit institutions, two financial enterprises subject to prudential regulation affecting credit institutions, as well as nine branches. The decrease in the number of institutions included in the publication was caused by the consolidation of a single domestic credit […]

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