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Monetary policy instruments


The instruments used by the Bank to implement monetary policy are generally called monetary policy instruments. The main aim of the MNB in forming and operating its monetary policy instruments is that short-term money market rates adjust to its key policy rate and the operational framework promotes the efficient implementation of interest rate policy. Following the Monetary Council’s decision of 23 April 2014, support for the implementation of the self-financing programme was added to the objectives of the MNB’s instruments. Accordingly, the MNB contributes to the reduction in the country’s external vulnerability using the instruments at its disposal. The Bank’s primary objective is to achieve the inflation target in a sustainable manner. To ensure this, MNB is prepared for the gradual and cautious normalisation of monetary policy. The normalisation process will begin with the modification of unconventional instruments. Looking ahead, the unconventional instruments affecting short-term yields become simpler, and the Bank achieves its monetary policy objectives through two instruments, the forint liquidity providing swap instrument and the interest rate corridor, as well as through the optimal combination of these instruments.

Act CXXXIX of 2013 on the Magyar Nemzeti Bank defines the set of potential central bank instruments. The set of so-called business instruments represents all instruments for which the MNB has developed business terms and conditions or MNB regulation in force.

All central bank instruments that the MNB is permitted to use under the MNB Act in effect form part of its potential instruments. The applied instruments constitute a subset of the business instruments, which contains elements continuously or discretionally applied by the Bank.

The website is currently being updated to reflect the renewal of the Bank’s monetary policy instruments.

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