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Parliament may elect new Monetary Council members early March

Hungary's Parliament may elect four new members to Central Bank's (MNB) Monetary Council as early as beginning of March if lawmakers pass a government motion to amend the country's central bank act, Fidesz MP Antal Rogán, who chairs the House's Economy Committee, said at a press conference.

Rogán said the Committee will name its candidates for the Council only after Parliament passes the amendment.

In related news, London-based Nomura said MNG governor András Simor may step down from his post if the Monetary Council's rate-setting policy changes after the new members are elected by the Fidesz-led Parliament.

“Although he is committed to seeing out his term if he can, there may be circumstances where his position becomes untenable – in particular if the new” Monetary Council “totally changes the very framework of monetary policy and shifts away from inflation targeting, even if tacitly and not through an open change of mandate,” Nomura analyst Peter Attard Montalto wrote in a research note after he said he met with Simor in Budapest.