As of 25 September 2012 and in the months when the Quarterly Report on Inflation (the Report) is published, the Monetary Council of the Magyar Nemzeti Bank will publish a detailed statement instead of a regular press release explaining its policy decision.

The statement will summarise the Monetary Council’s assessment of current and expected macroeconomic developments, and will incorporate monetary policy considerations and interest rate policy implications.

Moreover, the Monetary Council’s statement will replace the Summary of the Report. As the remaining chapters of the document will continue to be prepared by MNB staff, the detailed analyses and forecasts in the Report will reflect their view.

The statement will be presented by the Monetary Council at 3.00 pm on the day of the interest rate decision. As before, the fan chart of the baseline projections for inflation and growth as well as the relevant key figures will also be released at this time. The changes will not affect the ‘MNB Club’ (an expert meeting in which the Report is presented).

In the months when no Quarterly Report on Inflation is published, the Monetary Council will continue to explain its policy decisions in a separate press release whose publication schedule remains unaffected.

Budapest, 28 August 2012.

Monetary Council
Magyar Nemzeti Bank