NBH Reiterates Draft Law Would Threaten Central Bank Independence

The National Bank of Hungary have reiterated their stance in a statement posted on their website that proposed changes to the Bank's supervisory board would harm its independence:

• "The MNB's firm position is therefore that the current form of the draft aimed at amending the Act on the Central Bank would influence the independence of the central bank. Certain parts of the draft would grant the Supervisory Board not only additional control rights, but essentially management rights that could also affect the core activities of the central bank"
• "The draft raises concerns, since - although it appears to be about other tasks - it can be seen as something that could be suitable for influencing and undermining the decision-making of the MNB's Board of Directors related to basic tasks or other decisions that fall within the scope of the MNB's independence."