Hungary’s central bank (NBH) has said amendments to the Central Bank Act drafted by the Finance Ministry would impair its independence and affect its core activities.
“It is the NBH’s firm position that the draft amendment to the Central Bank Act, in its current form, would influence the independence of the central bank,” the NBH said in a statement late on Tuesday.
“Some provisions of the draft transfer to the supervisory board not only further rights of oversight, but management rights that could affect the central bank’s core activities,” it said. “If the new law is approved, it could be used to construct narratives against the Hungarian economy and to damage our financial stability,” it added.
Read also:
- Panic sets in: Hungarian forint plunged to a one-year low – Read more HERE
- Despite the battles, the central bank says relations between Orbán and Matolcsy are good – Details in THIS article
Hungary January industrial output down 3.6%
Headline industrial output fell by 3.6 percent in January 2024 compared with the same period last year, the Central Statistical Office said on Wednesday in a second reading of data. Adjusted for the number of working days, output dropped by 4.1 percent. Month on month, output fell by 1.1 percent based on seasonally and working day-adjusted data.
The detailed data show that output of the automotive industry, Hungary’s biggest manufacturing sector, slipped by an annual 4.7 percent in January, falling for the third month in a row. Output of the electrical equipment segment edged down by 1.3 percent, while computer, electronics and optical equipment output fell by 18.7 percent. Food, drinks and tobacco output was up 7.6 percent.
please make a donation here
Hot news
A royal twist: How Hungarian journalist Noémi landed a rental deal with Prince William in Cornwall
Hungarian FM Szijjártó: ‘Pro-war mainstream launches final attack against new reality’
Can Budapest host the Olympics? Insight from a sports expert: ‘Hungary is an underdog with a chance’
EPP leader Manfred Weber protecting Orbán-challenger Péter Magyar?
Want to give your workplace a trendy feel? Here’s what you need to do!
Top Hungary news: alcohol ban, collapsed footballer, snow, most expensive hamburger, emergency landing – 17 November, 2024
2 Comments
Let us keep it simple.
Wikipedia states that “Central bank independence refers to the degree of autonomy and freedom a central bank has in conducting its monetary policy and managing the financial system.”
It goes on to state that “It is a key aspect of modern central banking, and has its roots in the recognition that monetary policy decisions should be based on the best interests of the economy as a whole, rather than being influenced by short-term political considerations.”
Re the numbers – let´s wait for the “spin”. We are about to have a stellar year, if you believe our Politicians…
So. Our Politicians are aiming – uh – to assert better “control”. Why have independence, checks and balances as well as, ultimately, some approximation of an objective measure when you can just rule like a King, issuing decrees without any dissenting opinions?
Relationships between Victor Orban / his Government, stated reported in DNH what 96 hours past, with the Governor of the Central Bank of Hungary – Gyorgy Matolcsy – are GOOD – absolute CRAP.
Matolcsy – it’s FACT, has a vastness of differing opinions on the Financial & Economic Management of Hungary than the EMBARRASSMENT growing of the present Finance Minister of Hungary – Mihaly Varga.
This article again DISPLAYS decisions arising out of the office that of the “Floundering” Minister of Finance of the Victor Orban led Government, in deepening DAMAGE Control, that Mihaly Varga is in a state of absolute confusion, to implement introduce – any policies that may appear – to HIM, have chance to STABILIZE the collapsing Hungarian Economy.
Mihaly Varga has been the Minister of Finance for (11) eleven years.
Mihaly Varga post February 2020 – has muchly contributed through the WRONGFULNESS of Economic & Financial decisions made – “signed of on” – with the current Prime Minister – Victor Orban, that have been Policies that have DELIVERED Hungary, to the depressed going lower with deepening FALL in our Economy, still to be witnessed, which will end in being a cataclysmic DISASTER.
This article AGAIN displays like the Orban Government wish to control EDUCATION in Hungary, as they do the Media, the Judiciary, and Rule by Decree, this article in the “guts” of it, is the WANT of the Orban Government to control the Central Bank of Hungary.
If – if it is PERMITTED to be introduced – this Mihaly Varga policy, it would be for Hungary, through the POWER of the Orban Government, spell DISASTER on Hungary.
Mihaly Varga – has become an embarrassment, that in his (11) eleven years as Finance MInister of the Orban Government, contributed to the destruction of our Economy – in partnership with Victor Orban.
Appalling, and needs removed from his Ministerial Portfolio through on-going FAILURES of constructive rightful implementation introduction of Economic & Financial Policy’s to “lessen our pain” – the pain, we are suffering enduring the worsening picture in Hungary – across the board.