Hungarian National Bank
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| Headquarters | Liberty Square, Budapest, Hungary |
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| Coordinates | 47°30′13″N 19°3′7″E / 47.50361°N 19.05194°E |
| Established | 24 June 1924 |
| Governor | György Matolcsy |
| Central bank of | Hungary |
| Currency |
Hungarian forint HUF (ISO 4217) |
| Reserves | $44.8 billion (31 December 2014) |
| Bank rate | 1.35% (March 2016) |
| Interest on reserves | 1.35% (March 2016) |
| Interest paid on excess reserves? | Yes |
| Preceded by | Royal Hungarian State Bank |
| Website | Official site |
The Hungarian National Bank (Hungarian: Magyar Nemzeti Bank (MNB)) is the central bank of Hungary and as such part of the European System of Central Banks (ESCB). The Hungarian National Bank was established in 1924 and succeeded the Royal Hungarian State Bank, which introduced the Hungarian forint on 1 August 1946. The Hungarian National Bank lays special emphasis on its international relations and on participation in the professional forums of international economic institutions and financial organisations (EU, IMF, OECD, BIS).
Its principal aim is price stability, but it is also responsible for issuing the national currency, the forint, controlling the money in circulation, setting the Central Bank base rate, publishing official exchange rates, and managing the foreign-exchange reserves and gold to influence exchange rates.
The Governor of the Hungarian National Bank is appointed by the President of Hungary at the proposal of the Prime Minister for a six-year term. The most important decision-making body of the Hungarian National Bank is the Monetary Council. Its building is located in Liberty Square, in the Inner City of Budapest, next to the U.S. Embassy building.
The MNB maintains a medium-term inflation target of around 3%. This is somewhat higher than the generally accepted level of inflation for price stability in Europe, and it is used in order to allow for Hungary's "price catch-up" to the rest of Europe. Hungary's Central Bank Act states, "The primary objective of the MNB shall be to achieve and maintain price stability. Without prejudice to its primary objective, the MNB shall support the economic policy of the Government using the monetary policy instruments at its disposal".
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Wikipedia