The National Bank Of Hungary (Hungarian: Magyar Nemzeti Bank, Abbreviation: MNB) Is The Central Bank Of Hungary And Part Of The European System Of Central Banks (ESCB). The National Bank Of Hungary Was Established In 1924 And Succeeded The Royal National Bank Of Hungary, Which Introduced The Hungarian Forint On 1 August 1946. The National Bank Of Hungary Attaches Particular Importance To Its International Relations And Participation In The Professional Forums Of International Economic Institutions And The Financial Institutions Group (European Union, IMF, OECD, BIS).
Its Main Objective Is Price Stability, But It Is Also Responsible For Issuing The Hungarian Forint, Controlling Currency Circulation, Setting The Benchmark Exchange Rate For The Central Bank, Publishing The Official Exchange Rate, And Managing The Foreign Exchange Reserve And Gold To Influence The Exchange Rate.
OPERATION
The President Of The National Bank Of Hungary Is Appointed By The President Of Hungary On The Proposal Of The Prime Minister Of Hungary For A Six-year Term. The Most Important Decision-making Body Of The National Bank Of Hungary Is The Monetary Council. Its Building Is Located On Freedom Square In Budapest, Adjacent To The US Embassy Building.
The National Bank Of Hungary Maintains A Medium-term Inflation Target Of Around 3%. This Is Slightly Above The Generally Accepted Inflation Level For Price Stability In Europe, And It Is Used To Allow Hungary To "catch Up" In Prices To The Rest Of Europe. Hungary's Central Bank Act States That "the Primary Objective Of The National Bank Of Hungary Is To Achieve And Maintain Price Stability. Without Prejudice To Its Primary Objective, The MNB Shall Use The Monetary Policy Tools At Its Disposal To Support The Government's Economic Policy".
Demonstrated Or Damaged Currency Can Be Exchanged At The Bank's Headquarters And Its Two Regional Offices.
Previous Presidents
- Sándor Popovics (1924 - 1935)
- Béla Imrédy (1935 - 1938)
- Lipót Baranyai (1938 - 1943)
- Gyula Pósch (1943 - 1944)
- László Temesváry (1944)
- Imre Oltványi (1945)
- Artúr Kárász (1945)
- Imre Oltványi (1945 - 1946)
- Ernö Csejkey (1946 - 1949)
- Ferenc Jeszenszky (1949 - 1952)
- János Vörös (1952 - 1955)
- László Háy (1956 - 1956)
- Dénes Szántó (1956 - 1960)
- Béla Sulyok (1960 - 1961)
- Andor László} (1961 - 1975)
- Mátyás Tímár (1975 - 1988)
- Ferenc Bartha (1988 - 1990)
- Surányi György (1990 - 1991)
- Péter Ákos Bod (1991 - 1994)
- > György Surányi (1995 - 2001)
- Zsigmond Járai (2001 - 2007)
- András Simor (2007 - 2013)
- György Matolcsy (2013 - Present)
