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Central bank salaries at odds with international practice, says Járai

The National Bank of Hungary's supervisory board has found the central bank's salary policy is not in line with international practices, chairman Zsigmond Járai told MTI after a meeting of the board.

The board found salaries for MNB employees, especially directors, to be unrealistically high, Járai said. Directors are paid on average HUF 22 million a year, which is well over the compensation for directors at commercial banks, he explained.

The MNB raised salaries in the past two years even as commercial banks lowered them because of the crisis, he added.

The board proposes capping the monthly salary of MNB employees at HUF 2 million and lowering the limit on bonuses to 25% of annual pay from 88% at present, Járai said.