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Parliament gives MPs power to pick rate setters

Parliament approved late on Monday amendments to legislation that will give lawmakers power to nominate outside members to the National Bank of Hungary's rate-setting Monetary Council. A request was made to the President of the Republic to publish the changes with urgency.

The mandates of the four external members of the seven-member Council expire on March 1. Antal Rogán, the chair of Parliament's Economy and IT Committee, who will nominate the members on whom Parliament will vote, told MTI earlier in the day that MPs could choose replacements for outgoing members by March 15. The next rate-setting meeting of the Council is on March 28. Until now, the Council's external members were picked by the prime minister and the central bank governor.