MNB external rate-setter, and director of MARK, to resign

EU

Csaba Kandrács will resign as a member of the National Bank of Hungaryʼs (MNB) rate-setting Monetary Council, effective July 6, to concentrate on his tasks as chairman-CEO of the Hungarian Reorganization and Receivables Management Company (MARK), established by the central bank in the autumn to buy bad commercial real estate loans and properties from banks, according to reports yesterday. 

Kandrács has been a member of the Monetary Council since September 2013. He is one of five external members on the nine-member Council. By law, the Councilʼs external members must exceed the number of internal members.

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