Varga: Gov’t Respects MNB’s Independence

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Minister of Finance Mihály Varga acknowledged that his ministry, in consultation with the European Central Bank, was weighing the possibility of extending the scope of competence of the supervisory board of the National Bank of Hungary (MNB) with regard to the central bank's non-basic tasks in a message posted on his Facebook page.

The government's goal is to strengthen the transparency of the MNB while respecting its independence and to ensure the frugal operation expected of state offices, Varga said.

The government has built the ECB's observations on the draft amendments to the central bank act into its proposal, he added.

Prime Minister Viktor Orbán believes the central bank's independence is "sacrosanct," the PM's press chief, Bertalan Havasi, said later yesterday, responding to remarks by MNB Governor György Matolcsy.

Havasi said the government had not yet discussed the draft amendments affecting the scope of the MNB's supervisory board.

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