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 […]
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 […]
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 […]
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 […]
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 […]
"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 […]
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 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' […]
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 […]
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 […]
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 […]
The Hungarian banking system remains stable and its resilience to shocks is strong. Profitability is remarkably high, with interest income on central bank deposits as a significant contributing factor, the National Bank of Hungary (MNB) says in a statement on its website. Deposits by households and non-bank financial institutions in the banking system declined, although […]
At its meeting this Tuesday, the Monetary Council of the National Bank of Hungary (MNB) reviewed the latest economic and financial developments and decided to lower the central bank base rate, with effect from November 22, 2023 by 75 basis points from 12.25% to 11.50%. By the evening, the Hungarian currency, the forint (HUF) weakened […]
The National Bank of Hungary (MNB) pledged nearly EUR 14 million to the IMF’s Poverty Reduction and Growth Trust (PRGT) through a targeted investment instrument. The pledge has officially been announced by Barnabás Virág, Deputy Governor of the MNB on the margins of the Annual Meetings of the World Bank Group (WBG) and the International […]
The energy crisis and the resulting dramatic increase in energy prices have underscored the importance of energy efficiency over the past year, Deputy Governor of the National Bank of Hungary (MNB), Csaba Kandrács said this Thursday at MNB’s International Green Finance Conference. It featured presentations by representatives of the European Commission and the International Energy […]
