Based on the Monetary Council’s decision, the MNB’s policy instrument is the required reserves. Credit institutions licensed to operate in Hungary and branches of foreign credit institutions in Hungary must deposit a minimum reserve at the central bank equal to 10% of their funds with maturities less than two years. The required minimum reserves must be met on a daily and monthly average basis.

The rules related to the required reserve system are set out in the MNB Decree on the Calculation, Method of Allocation and Placement of Required Reserves, the MNB Decree on the required reserve ratio, and the MNB Decree on the interest rates related to required reserves.

Relevant documents for reference

52/2023. (XI. 20.) MNB Decree on the required reserve ratio (effective from January 1, 2024) 49/2023. (X. 24) MNB Decree on the interest rates related to required reserves (effective from 1 November 2023) 10/2005 (VI. 11.) MNB Decree on the Calculation, Method of Allocation and Placement of Required Reserves (effective from April 1, 2023)
Decree of the Governor of the Magyar Nemzeti Bank on the scope of information to be supplied for the central bank information system, on the scope of data suppliers and on the method and deadline of data supply

Archive

6/2023 (III. 8.) MNB Decree on the required reserve ratio (effective from March 10, 2023 until December 31, 2023) 38/2023. (IX. 12) MNB Decree on the interest rates related to required reserves (effective from 1 October 2023 to 1 November 2023) 38/2023. (IX. 12.) MNB Decree on the interest rates related to required reserves (effective from September 13, 2023) 11/2023 (III. 31.) MNB Decree on the interest payable on required reserves (effective from May 24, 2023) 11/2023 (III. 31.) MNB Decree on the interest payable on required reserves (effective between April 1, 2023 and May 23, 2023) 35/2022 (IX.15) MNB Decree on the minimum reserve ratio (effective from October 1, 2022) 10/2005 MNB Decree on the Calculation, the Method of Allocation and Placement of the Minimum Reserves (effective from 1 July 2019) 1/2012 MNB Decree on the interest rate to be paid on minimum reserves 45/2016. MNB Decree on the Reserve Ratio (effective from 1 December 2016) 46/2015. MNB Decree on the Reserve Ratio (effective between 1 December 2015 and 30 November 2016) 13/2010. MNB Decree on the Reserve Ratio (effective until 30 November 2015) 10/2005 MNB Decree on the Calculation, the Method of Allocation and Placement of the Minimum Reserves (effective between 1 January 2018 and 30 June 2019) 10/2005 MNB Decree on the Calculation, the Method of Allocation and Placement of the Minimum Reserves (effective between 1 January 2017 and 31 December 2017) 10/2005 MNB Decree on the Calculation, the Method of Allocation and Placement of the Minimum Reserves (effective between 4 January 2012 and 31 December 2016 )