Hungary
Budapest wrests control to name external rate-setters
Hungarian lawmakers pass amendment to central bank law giving parliamentary committee right to appoint all four of external rate-setters on seven-strong Monetary Council
Budapest can muscle in on rate-setting council, but will not control policy: Simor
National Bank of Hungary governor András Simor says even if the Hungarian government gets its way on the appointment of external rate-setters, appointees will have deliver on the central bank’s goals
ECB blasts Budapest again
European Central Bank says draft law to give parliament the right to appoint the majority of rate-setters further erodes National Bank of Hungary’s independence
Hungary discontinues bond purchasing scheme
National Bank of Hungary to discontinue mortgage bond purchase scheme next year; says programme only managed to reduce liquidity premia on domestic bonds to small extent
Budapest sets sights on Hungary’s rate-setting council
Hungarian government seeks amendment giving a parliamentary committee full control over majority of appointments to central bank’s Monetary Council
Hungary voices concerns over banking climate
National Bank of Hungary warns new government tax and appreciation of the Swiss franc will severely impair bank lending and its contribution to economic growth
Hungary sets four hour limit for retail payments
National Bank of Hungary issues decree requiring banks to settle electronic payments within four hours; move may cost banks up to $40m, admits deputy
Hungary’s Simor asks for independence to be written in statute: reports
National Bank of Hungary governor András Simor reportedly asks lawmakers to put central bank independence in constitution as controversial pay cut takes effect
National Bank of Hungary tests hybrid inflation targeting rule
National Bank of Hungary study says hybrid regime takes best of price-level and inflation targeting regimes
Rate round-up: Hungary, Israel hold on uncertainty
Continued uncertainty in global and domestic economy prompts Hungary, Israel to leave rates unchanged
Hungary prepares bracing bank tax, wage caps
Hungarian parliament set to approve hefty bank levy to shear budget deficit; public sector wage freeze will affect central bank employees, despite ECB protests
ECB draws Hungarian government’s fire over pay dispute
European Central Bank opinion on proposed wage cap at National Bank of Hungary angers government; prime minister plans objection
ECB attacks Bucharest over central bank pay cuts
European Central Bank criticises Romania’s decision to impose wage cuts on central bankers after its government failed to consult Frankfurt
Hungary’s Simor breaks silence on government attacks
National Bank of Hungary governor András Simor slams repeated attacks of central bank and proposal to interfere with central bankers’ pay; government could force Simor out, analysts think
Hungarian prime minister-elect hints at Simor ouster
Hungary’s incoming prime minister gives clearest sign so far that András Simor’s days as central bank governor could be numbered; party wants a central bank that will stimulate economy
Hungary’s Simor tells critical government to curb debt
National Bank of Hungary governor András Simor says high external and government debt levels must be corrected; central bank adds that growth cannot be financed through foreign borrowing anymore
Incoming party renews efforts to topple Hungary’s Simor
Political heat on National Bank of Hungary governor András Simor intensifies as deputy chief of soon-to-be ruling party calls for his resignation
Hungary cuts as critical opposition sweep to power
National Bank of Hungary trims rates by 25 bps as opposition election victory puts central bank on collision course with incoming government; former governor expected to be named finance minister
Hungary discovers further risks to economy
National Bank of Hungary report identifies stability threats
Former Hungary governor “prepared” to return to government
Ex-National Bank of Hungary chief Zsigmond Járai says he is ready to accept a post in new government if opposition wins upcoming election
CEE more vulnerable to exchange-rate shocks
National Bank of Hungary looks at the transmission of monetary policy in Central and Eastern Europe
Hungary split on cut
Rate-setters from the National Bank of Hungary were divided over the size of the cut required, according to minutes of the October policy meeting
Hungarian regulator’s role to be amplified
Hungarian Financial Supervisory Authority will get more independence and the right to issue regulations if government proposal clears parliament
Flexible exchange rate better for welfare
Bundesbank investigates the welfare ranking of exchange rate regimes