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Govt plans to merge MNB and PSZAF under new organization

Parliament’s Constitutional Affairs Committee on Wednesday evening decided to submit an amendment to parliament that would merge the duties and authority of the National Bank of Hungary (MNB) and financial market regulator PSZAF under a newly established organization.

The president of the republic would name the president of the new organization, while the governor of the MNB and the chairman of PSZAF would serve as the organization’s vice presidents.

Parliament could vote on the proposed amendment during its extraordinary session on Friday. The new organization would be established via the adoption of a so-called cardinal law requiring a two-thirds majority.

Andras Simor currently serves as the governor of the MNB, while Karoly Szasz serves as the chairman of PSZAF.