On 12 October 2017, at its meeting in Washington D. C., United States, the Board of Governors of the Center for Latin American Monetary Studies (CEMLA) approved the application of the Magyar Nemzeti Bank (The Central Bank of Hungary) for becoming part of the Center as a collaborating member from 1 January 2018.

CEMLA was established in 1952, as a cooperative effort by the central banks of the Latin American and Caribbean countries. As of 12 September 2024, the organisation has 49 members, 29 of which are associated members with the right to vote at the CEMLA’s Assembly, while the remaining 20 institutions – including the Magyar Nemzeti Bank – are cooperating partners.

The main objectives of CEMLA are:

  1. To investigate monetary and banking matters, as well as fiscal and exchange rate policies in Latin America and the Caribbean, and to promote a better understanding of these matters;
  2. To support training within the central bank and other financial institutions through the organisation of seminars and special training courses, and the publication of surveys and research studies;
  3. To systematise the results of past experience in the above fields and conduct new research; and
  4. To monitor and report on developments in regional and international monetary and financial policy issues.


The relations between the MNB and CEMLA reached a milestone in September 2022, when experts from the Magyar Nemzeti Bank participated for the first time in a joint workshop in Mexico City at the invitation of the Center for Latin American Monetary Studies, titled “Seminar on New Perspectives on Central Banking After the COVID-19 Crisis.” During the event, experts discussed topics related to thematic panels such as the current monetary policy of central banks; financial stability; rising inflation amid current economic uncertainties; the post-pandemic landscape of competitiveness; the impact of monetary tightening on bank liquidity and money markets; as well as one of the megatrends of our time: digitalization opportunities and various issues related to the Central Bank Digital Currency (CBDC).

Following the highly successful workshop, the two institutions organized another joint event in 2024, this time with the professional support of the British Official Monetary and Financial Institutions Forum (OMFIF). The international conference titled “Financial Stability Conference: Turbulent times”, held in Budapest on 25–26 March 2024, focused on financial stability issues. During the two-day event, renowned international speakers discussed the most important current challenges to financial stability, related to the inflation and interest rate environment, geopolitical segmentation and crisis management frameworks. In addition, the experts attending the event debated the financial stability risks associated with climate change and technological developments, which are determining our future and increasingly shaping central bank decision-making.

The Director General of the CEMLA for the period 2023–2025 is Dr. Manuel Ramos-Francia, former Deputy Governor of the Bank of Mexico (Banxico), Mexico’s central bank; the Chairman of the Board of Governors is Margarita Delgado, former Vice-President of the Bank of Spain (Banco de España).

More information about the organisation can be found here: https://www.cemla.org/english.html.