There is a two-way interaction between monetary policy and the functioning of the payment systems: central banks have a major role in the operation of the payment systems and payment systems also contribute to the efficient transmission of monetary policy. The intention of this paper is to briefly assess this relationship and to explore how the introduction of VIBER (Hungarian Real Time Gross Settlement System) might influence the monetary transmission in Hungary. The paper gives a short overview of the Hungarian payment system, assesses the modified conditions of liquidity management (the demand for reserves and the lending policies of the central bank) and finally reviews the settlement of the different monetary policy instruments of the National Bank of Hungary.

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