National Bank of Hungary (MNB) president András Simor told television station CNBC on Wednesday that any comparison between Hungary’s economic and financial situation and that of Iceland was entirely unfounded and unjustified.
“Hungary and Iceland are similar in that they are both a small country ... there’s no (other) similarity between them (their economies),” Simor said during an interview on CNBC, Dow Jones wrote. Simor also said the MNB was not going to use the €5 billion credit line offered by the European Central Bank on October 16 for the bank to protect the forint. “The ECB credit is for providing (foreign exchange) liquidity on the market ... but the market is working right now. Our job is to provide a safety net for markets,” Simor said. (MTI-Econews)