The need for an independent Hungarian central bank as a symbol for national independence was first voiced among the demands of the 1848–49 Hungarian Revolution. However, it was not until 24 May 1924 that these efforts came to fruition with the foundation of the Magyar Nemzeti Bank.
Pursuant to the Fundamental Law of Hungary, Parliament adopted a cardinal Act on the Magyar Nemzeti Bank in September 2013, which reinforced the principle of central bank independence and provided a legal framework to ensure its efficient and effective operation. This opened up a new era in the history of the central bank by establishing a stable institution with an extremely broad range of competencies, capable of meeting the challenges of our time.
Following the adoption of the Fundamental Law and the Act on the Magyar Nemzeti Bank and commemorating the 90th anniversary of its foundation, the MNB wishes to redefine its mission, vision and fundamental values, as well as its key strategic and institutional goals by publishing the Statute of the Magyar Nemzeti Bank.
In accordance with statutory requirements, the management of the Magyar Nemzeti Bank strives to contribute to social welfare by pursuing a responsible monetary policy and promoting a predictably operating financial system that ensures the sustainable growth of the Hungarian economy. Pursuant to the Act on the Magyar Nemzeti Bank, without prejudice to its primary objective, the central bank supports the economic policy of the Government using the instruments at its disposal, geared towards full employment and growth. The Magyar Nemzeti Bank firmly believes that cooperation between the Government and the central bank could be a key driver for launching economic growth.
With that in mind, the Magyar Nemzeti Bank designs and operates programmes and baking instruments that are aimed at facilitating companies’ access to credit, thereby promoting production, investment, exports and job preservation. A strategic task for the Magyar Nemzeti Bank is to improve financial literacy and financial awareness and to enhance the underlying economic and social knowledge, as well as the related institutional system and infrastructure, including the implementation of its Public Thinking Programme.
Without prejudice to the achievement of its primary objective and the performance of its core tasks, the Magyar Nemzeti Bank uses central bank instruments and resources by enforcing the principle of balanced, transparent and sustainable financial management, seeking to prevent the central budget from incurring a reimbursement obligation toward the central bank. At the same time, by exercising the independence conferred upon it in financial management as well, in the context of its social responsibility programme the central bank is committed to serving public welfare, establishing foundations and providing support from its own earnings.
Accordingly, the Statute, as the internal ‘constitution’ of the Magyar Nemzeti Bank, identifies the Hungarian central bank’s operating framework for the future. The two main pillars of the activities of the Magyar Nemzeti Bank are INDEPENDENCE and RESPONSIBILITY, which serve as fundamental values in all of its decisions.
Magyar Nemzeti Bank