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Matolcsy rewrites MNB constitution before taking seat as president

New central bank governor György Matolcsy spent his final days as national economy minister to amend the constitution of the National Bank of Hungary (MNB), strengthening the position of its governor, days before he took the seat himself, business website reported.

According to Portfolio, the resigning minister placed the rights of employment into the hand of the governor. The new governor will also be authorized to dismiss the bank's employees and to make decisions on their salaries.

A new position will also be implemented: MNB's CEO will have similar rights to the bank's vice chairmen. According to news website, it is likely that Matolcsy's former cabinet chief at the National Economy Ministry, Helga Wiederman will take the new position at MNB.