Hungary
Hungarian officials disagree over source of inflation
The Monetary Council of the National Bank of Hungary was divided over latest interest rate decision; could not agree on root cause of higher-than-expected inflation
Hungarian government abandons central bank transaction tax
Hungary’s minister for the national economy says transaction tax will not be applied to central bank following pressure from European authorities and the IMF
Hungary rejects leaked conditions for IMF programme
Viktor Orbán says Hungary will not comply with requirements for IMF-EU programme; leaked list includes elimination of controversial transaction tax applied to National Bank of Hungary
National Bank of Hungary cuts rates despite high inflation
Central bank cuts policy rate amid worsening growth figures and weak outlook; however, inflation expected to remain above 3% target “over a sustained period”
National Bank of Hungary paper highlights cash supply efficiency methods
Occasional paper from Hungarian central bank recommends ways of improving cash supply system; looks to exploit public and private business networks
National Bank of Hungary divided over policy stance
Minutes of the National Bank of Hungary’s July monetary policy meeting show disagreement among council members over rate decision; vote split 5:2 in favour of hold
ECB lambasts Hungarian financial transaction tax
European Central Bank accuses government of hindering National Bank of Hungary's independence by imposing transaction tax; also blasts failure to properly consult on the plans
National Bank of Hungary paper surveys wage rigidities
Paper presents findings of large European survey conducted by central banks; finds wages are more rigid than prices, but various factors determine the frequency of adjustment
Hungarian central bank blasts government tax plan
National Bank of Hungary says government plans for financial transaction tax threatens central bank independence; levy is latest development in conflict between central bank and government
Hungary launches same-day credit transfer system
Electronically submitted domestic transfers now reach destination within a maximum of four hours; improvement on previous system when payments took one business day
National Bank of Hungary predicts stagflation
Quarterly inflation report projects growth contraction in 2012; says inflation is likely to persist above target due to government tax increases
Latest amendments to Hungarian central bank law appease IMF
Hungarian government publishes letter from Christine Lagarde which gives controversial law the go ahead; says IMF is ready to begin talks about financial aid once law is passed
Czech National Bank paper studies changing inflation dynamics
Working paper examines causes of changing inflation dynamics in central Europe; finds inflation expectations play a 'substantial role' in price stability
Hungary proposes amendments to troublesome central bank law
Hungarian government puts forward amendments to widely criticised central bank law; discussions with concerned international bodies including the ECB and IMF are 'ongoing'
ECB delivers blow to Hungarian central bank law
The European Central Bank says the amended draft central bank law still “fails to address” concerns over independence; continued uncertainty leaving central bank operations unstable
Hungary issues medieval gold florin coin series
National Bank of Hungary issues first in a series of medieval gold florin commemorative coins; both normal and piedfort versions available
National Bank of Hungary studies voting by MPC members
Research from the Hungarian central bank finds evidence that preference heterogeneity is random among the members of the policy-setting committees at the central banks of Poland and Hungary
European Commission pursues Hungarian central bank independence issue
European Commission welcomes Hungarian promise to change legislation affecting the independence of the central bank, but wants to see more details
Central Bank of Hungary governor offers to give up salary
Andras Simor attempts to ease conflict with government; desperate for the country not to lose ability to negotiate with International Monetary Fund over emergency funding
Central banks find novel uses for old banknotes
Central Bank of Ireland makes old notes into artwork; National Bank of Hungary offers the decommissioned banknotes to charities to burn for heating purposes
Cyprus central bank pay freeze passes ECB scrutiny
European Central Bank says Cypriot public sector wage freeze does not threaten the central bank’s ability to perform its tasks independently from government
IMF criticises Hungary over policy 'missteps'
International Monetary Fund Article IV consultations says Hungarian economy is in perilous state; country must push ahead with structural reforms and reverse a central bank law to receive funding
Hungary drops plan to merge central bank with regulator
Hungarian prime minister Viktor Orbán says planned merger between National Bank of Hungary and Hungarian Financial Supervisory Authority has been abandoned
European Commission begins legal action against Hungary
European lawmakers launch accelerated infringement proceedings against Hungary regarding the independence of its central bank; Budapest has one month to respond or risks financial penalties