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Pleschinger to become central bank rate-setter

Parliament on Monday approved the appointment of National Economy Ministry State Secretary Gyula Pleschinger to serve on the National Bank of Hungary's rate-setting Monetary Council by a vote of 232:82 with five abstentions. Pleschinger said earlier on Monday that he would resign from his post as the National Economy Ministry's state secretary for tax and financial affairs if he received appointment to the Monetary Policy Council. Incoming National Economy Minister Mihály Varga said that he would appoint a replacement for Pleschinger within days. The National Bank of Hungary can support economic growth with the tools of monetary policy if fiscal policy remains tight, the general government deficit remains under the 3% of GDP threshold and the country's level of state debt continues to fall, Pleschinger told a parliamentary committee on Monday.