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Hungaryʼs central bank prepared for Brexit

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MNB headquarters in Budapest (Image by Jessica Fejos)

The National Bank of Hungary (MNB) has been preparing for both outcomes of the British referendum on whether the U.K. will stay or leave the European Union, MNB managing director Dániel Palotai told Hungarian news agency MTI today.

Now that the U.K. has decided to leave the bloc, the central bank will continue to cautiously monitor the reactions of financial markets, the managing director said this morning at the sidelines of a central banking conference. 

“We have all the necessary tools to continuously ensure financial stability,” he said.

The referendum on U.K.’s membership went down yesterday, resulting in a majority in favor of leaving the Union.

The forint, following the pound, plunged this morning. The softening was not unexpected, according to reports. An analyst told the Budapest Business Journal this morning that the drop in the forint was due to the insecurity of investors rather than any real economic changes.

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