Hungary's Central Bank to expand abroad (updated)

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The National Bank of Hungary (MNB) is planning to expand its operation and open offices in Hamburg, Paris, Rome, New York, Buenos Aires and Beirut over the upcoming months in order to strengthen the bank's presence in foreign countries, the MNB told Hungarian news agency MTI today.

The main objective of the central bank’s plans is to strenghten cooperation with partner institutions abroad and to more closely incorporate the bank's analytical operations into the international context.

The offices will employ between two and four specialists. Staff members will be selected in an open application process.

The MNB previously operated seven offices abroad -- in Frankfurt, Paris, Zurich, London, New York, Tokyo and Beirut -- though they have been closed.

The bank was established in 1924 and its principal aim is to retain price stability for the country and controls Hungary’s monetary policy.

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