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International Relations

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The international relations of the Magyar Nemzeti Bank (The Central Bank of Hungary)

The Magyar Nemzeti Bank (MNB) lays special emphasis on its international relations and on participation in the professional forums of international economic institutions and financial organisations (EU, IMF, OECD, BIS). EU integration is of high priority for the MNB, so the accession to the European Union had great importance in the life of the institution. At present, the work of the MNB is mainly determined by carrying out the duties resulting from EU membership at a high professional level, and by getting prepared for the prospective entry to the euro area.

In contrast to the 1980s and the larger part of the 1990s, when the development institutions (the World Bank Group, EBRD) and the International Monetary Fund (IMF) played the most important role in Hungary’s international financial relations, in the past few years it has been co-operation with institutions of the European Union [European Central Bank (ECB), Directorate General Economic and Financial Affairs of the European Commission, Economic and Financial Committee (EFC) responsible for the preparation of ECOFIN] and the central banks of the European Union which has best characterised the MNB's international relations.

In addition to the above mentioned organisations and institutions, the MNB maintains bilateral relations with numerous central banks in the world.