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Weaker HUF, EUR sales to mortgage repayments give MNB extra HUF 13.6 bln

The National Bank of Hungary (MNB) had a profit of HUF 13.6 billion last year as against a HUF 41.6 billion loss in 2010, the central bank announced on its website on Monday.

The weakening of the forint and profits made on euro sales to banks to help them to the liquidity needed to an FX mortgage repayments were the main factors behind the improvement, the bank said.

The bank reduced operating costs sharply, by HUF 900 million, pushing them below HUF 12 billion for the first time since 1997.