Parliament to replace a rate-setter in MNBʼs Monetary Council

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Hungarian economist Gusztáv Báger’s membership candidacy for the National Bank of Hungary’s rate-setting Monetary Council was endorsed today by the parliament’s economic committee, the MNB reported.

Báger reportedly told the committee that in the present low-inflation environment the MNB should harmonize the need of price stability with that of financial stability.

Should the parliament approve his application, Báger will replace Csaba Kandrács in the Monetary Council, whose resignation will take effect on July 6, in order to focus on his job to lead the central bankʼs "bad bank" asset manager MARK, MTI said. By law, the Councilʼs external members must exceed the number of internal members.

Báger was born in 1938, and before 1990 he worked as an expert for the UNʼs European Economic Committee, and as a director of the National Planning Office of the government, Hungarian news agency MTI said. He later served on the boards of several Hungarian commercial banks, worked as a director at the Finance Ministry, and was the head of the Development and Methodology Institute of the State Audit Office of Hungary, it added. He is a lecturer at the Pázmány Péter Catholic University in Budapest. He is also a member of the Hungarian Writers Association.

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