Hungarian National Bank

(redirected from National Bank of Hungary)

Hungarian National Bank


(Magyar Nemzeti Bank), the bank of issue; the credit and account center of the country. It was organized in 1924; the Austro-Hungarian Bank was its predecessor. The present system and functions were established in 1948, after the nationalization of December 1947. It has retained a joint-stock form; the chief shareholder is the state, which owns 95 percent of the shares.

The Hungarian National Bank organizes and regulates money circulation, carries out short- and middle-term crediting of all sectors of the national economy; long-term crediting of the capital investments of agricultural, commercial, and industrial cooperatives; cash servicing of the state budget; operations with gold and foreign valuta; payments with foreign countries; and other banking operations. As of Jan. 1, 1968, with the transition to the new system of management, changes were made in the bank’s operation in accordance with the Law on the Hungarian National Bank (1967) and the resolution of the government of the Hungarian People’s Republic entitled On Money Circulation and Bank Credit (1967). In its work, the bank is guided by the directives for credit policy, which are worked out and confirmed annually by the government at the same time as the confirmation of the national economic plan. In 1969, the basic rate for middle-term credits was 8 percent per annum, and that for short-term credits, 7 percent. On overdue sums, an additional 6 percent is levied. The fixed capital of the bank is 120.8 million forints. The bank performs its work through its center in Budapest and its system of managing boards in the megyes (counties) and branches in districts.


Mentioned in ?
References in periodicals archive ?
The National Bank of Hungary has announced a plan to sell MKB Bank.
National Bank of Hungary Logistic Centre and the headquarters of the security system replacementEnding security systems to be replaced, design, installation, commissioning, and after a successful trial run of an ad hoc five-year maintenance and repair of the new systems installed in new systems developed.
Budapest, Hungary, Jumada I 19, 1436, Mar 10, 2015, SPA -- The National Bank of Hungary says it has sent a supervisor to take control of a brokerage whose license was partially suspended and which is suspected of issuing far more bonds than allowed, AP reported.
Decisions have been made that could cause serious damage not only to the National Bank of Hungary but in the longer term also to the Hungarian economy," Kiraly wrote in the letter, copies of which were distributed to journalists.
The January constitution severely restricted the freedom of independent institutions, most notably the National Bank of Hungary.
Much of that money was still available to the National Bank of Hungary, intended to ensure long-term financial stability by meeting the maturing current liabilities and attracting new loans as the existing debts matured.
Hult's professor of finance, Dr Viktoria Dalko, who was an advisor to the president of the National Bank of Hungary, will also make an appearance.
Senator Lincoln Chafee, former president of the National Bank of Hungary Gyorgy Suranyi, and General Director of the Ukrainian office of the International Investment Bank Morgan Stanley, Igor Mityukov.
Analysts expect the National Bank of Hungary (NBH) and the National Bank of Romania (NBR) to continue to lower policy rates, cutting them by 50bp while the Polish central bank (NBP) keeps its rate unchanged.
Hungary's financial regulatory body, the Hungarian Financial Supervisory Authority (HFSA), is charged with supervising financial service providers with the exception of cash processors, which are supervised by the National Bank of Hungary.
Police were guarding the TV building today along with the nearby National Bank of Hungary and the US Embassy.

Encyclopedia browser ?
Full browser ?