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No cost savings in MNB operations

The National Audit Office (ÁSZ) has found only small errors in the 2004 operations of the National Bank of Hungary (MNB), business daily Napi Gazdaság reported. Despite MNB CEO Zsigmond Járay's continuously reiterating the importance of the reduction of bureaucracy, MNB's operating costs barely decreased, totaling Ft 13.5 billion. Nominal wages were up by 5.4%, which is a decrease in real value, averaging a monthly salary of Ft 300,000 excluding bonuses. According to certain calculations based on the report, the average monthly salary of the members of the monetary council may reach Ft 2 million including bonuses. The bank employed 958 people in 2003 and 946 in 2004.