Hungarian National Bank

Hungarian National Bank
Hungarian National Bank's building, Budapest
Headquarters	Budapest
Established	24 May 1924
President	András Simor
Central bank of	Hungary
Currency	Hungarian forint
ISO 4217 Code	HUF
Website	Official site of Magyar Nemzeti Bank

The Hungarian National Bank (Hungarian: Magyar Nemzeti Bank) is the central bank of Hungary. The principal aim of the bank is to retain price stability. It is also responsible for issuing the national currency, the forint, controlling the cash circulation, setting the Central Bank base rate, publishing official exchange rates and managing the national reserves of foreign currency and gold to influence exchange rates. It controls the country’s monetary policy.

The MNB maintains a medium-term inflation target of around 3%. This is somewhat higher than the generally accepted level of inflation for price stability in Europe, and it is used in order to allow for Hungary's "price catch-up" to the rest of Europe.^[1]

The president of the Hungarian National Bank is appointed by the President of the Republic at the proposal of the prime minister for a term of 6 years. The most important decision-making body of the Hungarian National Bank is the Monetary Council. The building of the Hungarian National Bank is located on Hold Street, in the Inner City of Budapest. It can be found next to the building of the US embassy.

According to Hungary's Central Bank Act, which founded the Hungarian National Bank, "The primary objective of the MNB shall be to achieve and maintain price stability. Without prejudice to its primary objective, the MNB shall support the economic policy of the Government using the monetary policy instruments at its disposal."

Hungary formerly was to join the Euro in 2010, thus divesting the MNB of most of its powers. However, central bank leaders have criticized this plan, saying that the fiscal austerity requirements would slow Hungary's growth.^[2]

Demonetised and damaged currency

Demonetised or damaged currency issued by the Hungarian National Bank can be exchanged in their head office and two regional offices.

MNB Currency Emissions Division (Head office)

1850 Budapest, V. Hold u. 7.

See also

• Economy of Hungary
• Hungarian forint
• György Surányi

References

1. ^ Press Release: Medium-term inflation target, 22 August 2005. Accessed 18 July 2006
2. ^ "Hungary Central Banker Urges Delay for Euro" 18 July 2006. Associated Press. Accessed 22 July 2006

External links

• (Hungarian) (English) Official site of Magyar Nemzeti Bank

Coordinates: 47°30′12.78″N 19°3′8.32″E / 47.50355°N 19.0523111°E / 47.50355; 19.0523111