Ministry dismisses report govt to use central bank FX reserves to spur growth

MNB

Hungary’s National Economy Ministry dismissed reports on Tuesday that the government would use part of the National Bank of Hungary’s foreign currency reserves to spur economic growth.

Internet portal Index.hu said on Tuesday that the government would use some of the reserves to pay off HUF 180bn in debts taken over from county councils as well as for a capital injection to boost economic growth. Index cited sources close to the government in the report.

The ministry said Hungary only avails of such methods as those used by the European Central Bank the US Federal Reserve and the Bank of England.

National Economy Minister Gyorgy Matolcsy said earlier that using the forex reserves of the central bank was "strictly forbidden".

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