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MNB lashes out at newly approved salary cap legislation

The National Bank of Hungary (MNB) reiterated its opposition to a newly passed bill that limits its executives’ salaries. MNB stated that the move is in breach of EU principles ensuring the independence of central banks. The bill has also been criticized by the European Central Bank (ECB).

In a newly released statement the MNB said it considered the revised regulation illegal since it is in violation of EU regulations as well as the law prescribing the operation of the central bank in Hungary. (BBJ)