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 of their funds with maturities less than two years in accordance with the required reserve ratio as set out in the MNB Decree on the required reserve ratio. 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

10/2005 (VI. 11.) MNB Decree on the Calculation, Method of Allocation and Placement of Required Reserves (effective from January 1, 2024) 52/2023 (XI. 20.) MNB Decree on the required reserve ratio (effective from 1 August 2025) 49/2023 (X. 24.) MNB Decree on the interest rates related to required reserves (effective from 1 August 2025) Notice for credit institutions subject to reserve requirements and their branches on the calculation of required reserves
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 Information related to MNB Data reporting
The required reserve ratio’s past development The interest remunerated on the deposited central bank required reserves and the penalty interest rate for under-reserving Monthly reserve requirements of credit institutions and the balance of their settlement accounts

Archive

49/2023 (X. 24.) MNB Decree on the interest rates related to required reserves (effective from 1 January 2024 until 31 July 2025) 52/2023 (XI. 20.) MNB Decree on the required reserve ratio (effective from 1 January 2024 until 31 July 2025) Notice for credit institutions subject to reserve requirements and their branches on the calculation of required reserves (effective from 1 February 2024 until 31 July 2025) 49/2023. (X. 24) MNB Decree on the interest rates related to required reserves (effective from 1 November 2023) Q&A on changes related to the reserve requirement system (20 October, 2023) 10/2005 (VI. 11.) MNB Decree on the Calculation, Method of Allocation and Placement of Required Reserves (effective from April 1, 2023) 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 )