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nationalbankofhungary

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MNB Assesses Inflation Data for January 2024

D&T
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

D&T
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

D&T
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

D&T
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

D&T
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

D&T
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

D&T
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 […]

Hungarian Banking System Stable, Well Capitalized

D&T
Nov 28, 2023

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 […]

MNB Lowers Central Bank Base Rate by 75 Basis Points

D&T
Nov 21, 2023

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 […]

Historical Hungarian Pledge at the IMF-WBG Annual Meetings

D&T
Oct 15, 2023

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 […]

Green Finance Conference with Energy Efficiency in Focus

D&T
Oct 12, 2023

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 […]

Voluntary Pension Funds Remain Competitive

D&T
Oct 10, 2023

Pension funds continue to offer one of the most competitive schemes compared to other self-care offers, according to a recent summary by the National Bank of Hungary (MNB). The central bank said on Tuesday that the classical premium burden index, which retrospectively expresses the costs of voluntary pension funds, was 0.72% in 2022, up from […]

Monetary Council Leaves Base Rate Unchanged at 13%

D&T
Sep 26, 2023

With its decision on Tuesday, the Monetary Council of the National Bank of Hungary (MNB) locked the overnight deposit rate and the base rate at 13%, and from Wednesday, the base rate will be the MNB's effective interest rate, with the overnight deposit rate to be phased out from October. This will mark the end […]

Unprecedented Profits at Hungarian Banks

D&T
Sep 4, 2023

Despite the extra profit tax, interest rate freeze and credit market slowdown, the Hungarian banking sector made unprecedented profits in the first half of this year. The domestic profit of HUF 676 billion means that for the first time in a long time, the sector's profit on equity rose above 20%. On a non-consolidated basis, […]

No Change in the Central Bank Base Rate

D&T
Aug 29, 2023

At its meeting this Tuesday, the Monetary Council of the National Bank of Hungary (MNB) reviewed the latest economic and financial developments and decided not to change of central bank base rates with effect from August 30, but leave it at 13.00%. At the same time, the interest rate corridor was narrowed. In the Monetary […]

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