In order to comply with the new regulations and the principles of efficient resource management, the Magyar Nemzeti Bank will change its practice of publishing reports on its activities. In the new framework, the Bank will inform the general public about its activities in Semi-annual Reports, identical in content to its Annual Reports, and in two Interim reports, identical in structure to the earlier Quarterly Reports.
Under the provisions of Act CCVIII of 2011 on the Magyar Nemzeti Bank (MNB Act) in effect from 1 January 2012, the Governor of the MNB must submit a written semi-annual report to Parliament on the Bank’s activities in a format identical to the Annual Report, in addition to his obligation to report once a year. The Bank will have to meet this requirement first in a report on its activities in the first half of 2012. In addition, the provision of the MNB Act that the Bank should prepare and publish a report on monetary policy developments and other key issues included in its core activities at least quarterly remains effective.
In compliance with the provisions of the MNB Act and the principles of efficient resource management, the MNB will change its publication scheme for the reports on its activities as follows. The Bank will report on its activities in the first half in April of the same year in an Interim Report. The Semi-annual Report, to be published in September, will cover the Bank’s activities in the first half of the year. And in November an Interim Report will be published on developments in the third quarter. The report on the final quarter will be published in March-April, as part of the Annual Report (see Table).
Two reports will be published in the latter part of this year: the Semi-annual Report, discussing the first two quarters, and the Interim Report covering developments in the third quarter. The Semi-annual Report will be published on 18 September 20112 and the Interim Report on 20 November 2012.
MAGYAR NEMZETI BANK
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