MNB devotes €100 million to amassing art collection

Initiatives

The National Bank of Hungary (MNB) has announced the launch of a €100 million program to buy Hungarian treasures of art currently under foreign ownership. “In harmony with its social responsibility, the MNB is committed to preserving and creating national value, thus it supports those matters related to achieving its goals through social-community investments within the spheres of legal and financial possibility,” a statement read in part. 

The MNB said it aimed to amass a collection that would be an “investment of lasting value.”

The central bank will establish a body of art market experts and its own management to coordinate and implement the program, which runs until the end of 2018. The MNB reportedly will also provide “ordinary Hungarians with a penchant for culture and history a chance to make recommendations on which works of art to buy.”

The MNB said the program was similar to the practices of other central banks that buy works of art.

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