European Central Bank approves Hungary central bank act amendment

The European Central Bank has given the green light to the Hungarian government’s amendment proposal to the law on the National Bank of Hungary, Finance Minister Mihály Varga said on Facebook on Monday.

Under the proposal, any difference between the central bank’s net assets and statutory capital would be covered from future profits rather than tax revenues, in line with international examples, the finance minister said.

Hungary’s Parliament could vote on the proposal in the autumn, the minister added.

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