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Central bank act amendments satisfy IMF; negotiations to start after approval

The government's new amendments to the central bank act entirely satisfy the expectations of the International Monetary Fund, minister without portfolio Mihály Varga told reporters on Wednesday, citing a letter from IMF managing director Christine Lagarde.

Hungary's official negotiations with the International Monetary Fund and the European Union can start after Parliament approves amendments to the central bank act, Varga said.

The legislation has been a sticking point in preparations for the negotiations on precautionary financial assistance Hungary is seeking from the IMF and EU.

Parliament will vote on the central bank amendments on July 12 at the latest, Varga said. The negotiations with the IMF/EU could begin "anytime from the 13th", he added.