Press release on the Statement of the President of the Republic of Hungary

29 November 2004

The Magyar Nemzeti Bank welcomes the statement issued by the President of the Republic of Hungary, clearly supporting central bank independence.

The proposal for the amendment of the Central Bank Act is at variance with not only its own supportive argument, but also European legislation, encroaches on central bank independence and poses a threat to its stability.

The President of the Republic of Hungary also refers to Hungary’s obligation to honour its EU commitments.

The MNB is confident that the Parliament will revoke the proposal, which harms the country’s economic interests and discourages foreign investors.

Vissza a tetejére

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 maintenance of the stability of the system of financial intermediation, the enhancement of its resilience, its sustainable contribution to economic growth; furthermore, the MNB shall support the government’s economic policy and its policy related to environmental sustainability, using instruments at its disposal.