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Head of state appoints new Monetary Council members

Hungary?s President Ferenc Mádl appointed the four new Monetary Council members to the National Bank of Hungary today. Judit Neményi, Tamás Bánfi, Péter Bihari and Csaba Csáki will sit on the council from March 1. The new members were nominated by Prime Minister Ferenc Gyurcsány on Feb.23, a move regarded as illegitimate by MNB President Zsigmond Járai, who claims he did not have an opportunity to express his opinion about the nominees. Mádl examined the proposal from a legal point of view and found that the nomination procedure was in compliance with the National Bank Act, since the new council members have been heard by parliamentary committees and Gyurcsány asked for Járai?s opinion in a letter on Feb 15.