Central Bank closes in the black for 2013

MNB

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The National Bank of Hungary (MNB) finished 2013 in the black, according to preliminary data, the central bank reported yesterday. The MNB noted that its previous management had projected a HUF 203 billion loss for the central bank in 2013. “The new central bank management managed in nine months to close last year without a loss, without putting at risk its primary goals as laid down in the law,” read the official statement in part.

The MNB will publish audited details of its 2013 business year in April.

K&H Bank chief analyst Dávid Németh said the MNB avoided taking a loss because the rate the central bank pays on its two-week bills, its main sterilization instrument, had been halved between November 2012 and the end of 2013.

Németh estimated the rate cuts saved the bank about HUF 120 billion.

The MNB reported a loss of HUF 41.6 billion in the first half of 2013, which was attributed to policy measures affecting international reserves, developments concerning its sterilization instruments, forint and foreign exchange interest rates, and the forint's exchange rate.

For 2012, MNB reported losses of HUF 39.8 billion.

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