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MNB cancels consulting contracts, ends outsourcing to save on costs

The executive board of the National Bank of Hungary (MNB) decided to cancel several “unnecessary” outside consulting contracts and cease outsourced activities to make cost savings, the central bank said after a meeting of the board on Wednesday. The executive board has started to restructure the MNB's payroll in the interest of “more economic operation,” the MNB said. The measures are part of a cost-cutting program announced by the MNB's new management early in March, on their first day on the job. The program aims at cutting the bank's operating costs by 20% within two years, including a 25% reduction in the central bank's HUF 1 billion fund for paying staff bonuses.