Просмотр кода страницы Английская Википедия:Hungarian National Bank

{{Английская Википедия/Панель перехода}}
{{Short description|Central Bank of Hungary}}{{Use dmy dates|date=July 2020}}
{{Infobox central bank
| bank_name = 
| bank_name_in_local = Magyar Nemzeti Bank
| logo = Logo of the Hungarian National Bank.svg
| logo_size = 200px
| image = File:Magyar Nemzeti Bank épületének nyugati homlokzata. - 2009, Budapest.jpg
| caption = Hungarian National Bank building on [[Liberty Square (Budapest)]]
| ownership = 100% [[state ownership]]<ref name="dnbinfo">{{cite web |last1=Weidner |first1=Jan |title=The Organisation and Structure of Central Banks |url=https://d-nb.info/1138787981/34 |website=Katalog der Deutschen Nationalbibliothek|year=2017|format=PDF}}</ref>
| headquarters = [[Liberty Square (Budapest)|Liberty Square]], [[Budapest]], [[Hungary]]
| coordinates = {{coord|47|30|13|N|19|3|7|E|type:landmark}}
| established = {{Start date and age|df=yes|1924|06|24}}
| president = [[György Matolcsy]]
| leader_title = Governor
| bank_of = Hungary
| currency = [[Hungarian forint]]
| currency_iso = HUF
| reserves = $44.8 billion (31 December 2014)<ref>{{cite web|url=https://www.cia.gov/the-world-factbook/countries/hungary/|title=The World Factbook – Central Intelligence Agency|website=Cia.gov|access-date=7 October 2017}}</ref>
| borrowing_rate = 11.50% (November 2023)<ref>{{cite web|url=https://www.mnb.hu/en/monetary-policy/the-monetary-council/press-releases/2023/press-release-on-the-monetary-council-meeting-of-21-november-2023|title=EN|website=Mnb.hu|access-date=26 November 2023}}</ref>
| deposit_rate = 0.90% (May 2016)
| website = {{URL|http://www.mnb.hu/}}
| preceded = [[Austro-Hungarian Bank]]
| succeeded = 
| footnotes = 
| IOER = Yes
}}
{{Financial regulation}}
{{Public finance}}
The '''Hungarian National Bank''' ({{lang-hu|'''Magyar Nemzeti Bank'''}}, '''MNB''') is the [[central bank]] of [[Hungary]] and as such part of the [[European System of Central Banks]] (ESCB). It was established in 1924 as a successor entity of the [[Austro-Hungarian Bank]], under the economic assistance provided to Hungary by the [[Economic and Financial Organization of the League of Nations]]. The bank calls itself the '''Magyar Nemzeti Bank''' in its English communications and occasionally clarifies that name with the expression ''the central bank of Hungary''. The bank doesn't call itself the ''Hungarian National Bank'' in English.

The Hungarian National Bank lays special emphasis on its international relations and on participation in the professional forums of international economic institutions and financial organisations (EU, IMF, OECD, BIS). Its principal aim is [[price stability]], but it is also responsible for issuing the national currency, the [[Hungarian forint]], controlling the money [[Circulation (currency)|in circulation]], setting the Central Bank base rate, publishing official exchange rates, and managing the [[foreign-exchange reserves]] and gold to influence [[exchange rate]]s.

==History==

===Background===

For a short period during the [[Hungarian Revolution of 1848]], the revolutionary government used the recently established [[Hungarian Commercial Bank of Pest]] as a central bank.<ref name=history/>

In the negotiation of the [[Austro-Hungarian Compromise of 1867]], the matter of the dual monarchy's central bank and its governance was set aside with the understanding that it would be reformed in the future. Meanwhile, in 1873 the [[Hungarian General Credit Bank]] received a mandate from the recently created finance ministry for a range of transactions, which made it effectively the main banker of the Hungarian government;{{R|Kovacs1|p=156}} that role was reinforced and extend by successive acts in 1886, 1901, and 1915.<ref name=Kovacs1>{{citation |title=Banking leaders who made the Hungarian General Credit Bank great |author=Tamás Kovács & Levente Kovács |date=October 2017 |volume=4 |journal=Economy and Finance (GÉP) |issue=3 |publisher=Hungarian Banking Association |location=Budapest |url=https://bankszovetseg.hu/Public/gep/2017/152-174%20Kovacs%20T-Kovacs%20Luj.pdf }}</ref>{{rp|158}}

The adaptation of the pre-existing Austrian National Bank's to the monarchy's new political structure was only finalized in 1878, when its name was changed to [[Austro-Hungarian Bank]]. The latter was given a unitary governance with a general meeting ({{lang-de|Generalversammlung}}) and governing council ({{lang-de|Generalrat}}) chaired by a Governor, but a dual operating structure with two separate executive teams ({{lang-de|Direktionen}}) and head offices ({{lang-de|Hauptanstalten}}) in [[Vienna]] and [[Budapest]].<ref name=OeNB3>{{cite web |website=Oesterreichische Nationalbank |title=1878–1922: The Austro-Hungarian Bank |url=https://www.oenb.at/en/About-Us/History/1878-1922.html }}</ref> The governor was to be jointly nominated by the respective ministers of finance of [[Cisleithania|Austria]] and [[Lands of the Crown of Saint Stephen|Hungary]], and the bank was statutorily committed to opening new branches on an equitable basis in both parts of the Habsburg Monarchy. Hungarian nationalists were not satisfied by these arrangements and kept advocating for a separate Hungarian central bank, but their efforts remained unsuccessful until the end of the joint monarchy.<ref>{{citation |author=Thomas Barcsay |title=Banking in Hungarian Economic Development, 1867-1919 |publisher=The Business History Conference |url=https://thebhc.org/sites/default/files/beh/BEHprint/v020/p0216-p0225.pdf |journal=Business and Economic History |date=1991}}</ref>{{rp|216}}

The new Budapest head office building of the Austro-Hungarian Bank was inaugurated in 1905. It was designed by architect [[Ignác Alpár]], with sculpture by [[József Róna]] and {{ill|Károly Senyei|hu|Senyei Károly}}.<ref>{{cite web |website=PestBuda.hu |title=Main building of the Central Bank of Hungary under renovation |date={{date|2021/05/21}} |url=https://pestbuda.hu/en/cikk/20210521_main_building_of_the_central_bank_of_hungary_under_renovation }}</ref>

<gallery>
File:Magyar Nemzeti Bank 2.jpg
File:Budapešť 0937.jpg
File:Budapest, Szabadság tér, Nemzeti Bank épülete.JPG
File:Magyar Nemzeti Bank.jpg
</gallery>

After the chaotic period immediately following [[World War I]], the Hungarian authorities established a Royal Hungarian State Note-Issuing Institute ({{lang-hu|Magyar Királyi Állami Jegyintézet}}) on {{date|1921/07/11}}, which issued [[Hungarian korona]]s to replace the [[Austro-Hungarian krone]] as the newly independent country's currency.<ref name=history/> The Institute, however, was under the direct control of the government and found itself unable to control [[hyperinflation]].

===Interwar period and World War II===

The Hungarian National Bank was established under the conditions of the stabilization loan coordinated by the [[Economic and Financial Organization of the League of Nations|Economic and Financial Organization]] of the [[League of Nations]] in 1923-1924, based on the successful precedent of [[Austrian First Republic|Austria]] a year earlier.<ref>{{citation |title=Picking the Right Man for the Job: Jeremiah Smith, Jr. and American Private Influence in the Financial Reconstruction of Hungary |author=Zoltán Peterecz |journal=Hungarian Journal of English and American Studies (HJEAS) |volume=15 |date=Fall 2009 |issue=2 |pages=285–305 |jstor=41274479 |url=https://www.jstor.org/stable/41274479}}</ref> In 1927, the National Bank introduced the [[Hungarian pengő]] to replace the korona.

In 1930, the Hungarian National Bank was a founding shareholder of the [[Bank for International Settlements]]. During [[World War II]] and in its immediate aftermath, the MNB was unable to maintain the value of the pengő which experienced the world's worst-ever recorded bout of hyperinflation in 1945-1946. The MNB introduced a new currency, the [[Hungarian forint]], on {{date|1946/08/01}}. The MNB was nationalized at the end of 1947.<ref name=history/>

===Communist era===

Following the Communist takeover and formation of the [[Hungarian People's Republic]] in 1949, the former operations of Hungarian banks were consolidated into a so-called {{ill|single-tier banking system|hu|Egyszintű bankrendszer}} with four main financial institutions, namely the Hungarian National Bank, the [[OTP Bank|Hungarian National Savings Bank Company]], the Hungarian Investment Bank (renamed the State Bank for Development in 1972 and liquidated in 1987),{{R|Lengyel|p=386}} and the [[MKB Bank|Hungarian Foreign Trade Bank]].<ref name=Lengyel>{{citation |title=The Hungarian Banking System in Transition |author=Imre Lengyel |journal=GeoJournal |volume=32 |date=April 1994 |issue=4 |pages=381–391 |doi=10.1007/BF00807358 |jstor=41146180 |s2cid=150554109 |url=https://www.jstor.org/stable/41146180 }}</ref>{{rp|382}} Under that system, the MNB had no independence from the Hungarian state and also engaged in commercial banking activities. A [[two-tier banking system]] that focused the MNB on a monetary policy role was eventually re-introduced on {{date|1987/01/01}}.<ref name=history/>

===Since 1990===
[[File:Hungary 200 Forint coin 1992.jpg|thumb|180px|[[Coins of the Hungarian forint|200 Forint]] coin depicting the bank headquarters, 1992]]

The October 1991 Act on the National Bank of Hungary reinstated central bank [[Central bank#Independence|independence]]. The Act LVIII of 2001 on the Magyar Nemzeti Bank established the [[Hungarian government]] and the MNB as the policy makers determining the [[exchange-rate regime]]. Since 26 February 2008, the forint has [[Floating exchange rate|floated]] freely against the euro.<ref name=history>{{cite web|title=History| url=https://www.mnb.hu/en/the-central-bank/organisation/history |website=Hungarian National Bank }}</ref>

Hungary was supposed to [[Hungary and the euro|join the eurozone]] in 2010, which would have resulted in the MNB losing control of monetary policy, but central bank leaders criticized this plan, saying that the fiscal austerity requirements would slow growth.<ref>[http://www.chron.com/disp/story.mpl/ap/fn/4054182.html "Hungary Central Banker Urges Delay for Euro"], Associated Press, 18 July 2006, Accessed 22 July 2006</ref> In December 2011 two of the three major [[credit rating agencies]] downgraded Hungarian long term currency debt to "junk status", due in part to changes to the [[Constitution of Hungary]], creating doubts about the independence of the central bank.<ref name=bbc-20111222>{{cite news |url = https://www.bbc.co.uk/news/business-16298773 |title= Hungary borrowing costs rise on junk downgrade |work=BBC |date= 22 December 2011 |access-date= 27 December 2011}}</ref><ref name=guardian-20111225>{{cite news |url = https://www.theguardian.com/commentisfree/2011/dec/25/hungary-playing-chicken-editorial |title = Hungary: playing chicken | work =The Guardian |date =25 December 2011 |access-date= 27 December 2011}}</ref> On 20 May 2016, Fitch Ratings upgraded Hungary's corresponding debt status to BBB− (which is investment grade), assigning a stable outlook to the rating. The upgrade was mainly motivated by, among other factors, high current account surpluses, high European Union (EU) fund inflows, banks' external deleveraging, the central bank's self-financing programme and foreign currency mortgage conversion reducing Hungary's external debt and financial vulnerability.<ref>{{Cite web|url=https://www.reuters.com/article/idUSFit959614|title=Fitch Upgrades Hungary to 'BBB-'; Outlook Stable|date=20 May 2016|publisher=Fitch Ratings|access-date=21 June 2016}}</ref>

==Operations==

The Governor of the Hungarian National Bank is appointed by the [[President of Hungary]] at the proposal of the [[Prime Minister of Hungary|Prime Minister]] for a six-year term. The most important decision-making body of the Hungarian National Bank is the Monetary Council. Its building is located in [[Liberty Square (Budapest)|Liberty Square]], in the [[Inner City (Budapest)|Inner City]] of [[Budapest]], next to the U.S. Embassy building.

The MNB maintains a medium-term [[inflation targeting|inflation target]] of around 3%. This is somewhat higher than the generally accepted level of [[inflation]] for price stability in Europe, and it is used in order to allow for Hungary's "price catch-up" to the rest of Europe.<ref>{{cite web|url=http://english.mnb.hu/Engine.aspx?page=mnben_monet_kozlem&ContentID=7161|title=EN|website=English.mnb.hu|access-date=7 October 2017|archive-url=https://web.archive.org/web/20070926222212/http://english.mnb.hu/Engine.aspx?page=mnben_monet_kozlem&ContentID=7161|archive-date=26 September 2007|url-status=dead}}</ref> Hungary's Central Bank Act states, "The primary objective of the MNB shall be to achieve and maintain price stability. Without prejudice to its primary objective, the MNB shall support the economic policy of the Government using the monetary policy instruments at its disposal".

Demonetised or damaged currency can be exchanged in the bank's head office as well as its two regional offices.

==Governors==
* [[Sándor Popovics]] (1924–1935)
* [[Béla Imrédy]] (1935–1938)
* [[Lipót Baranyai]] (1938–1943)
* [[Gyula Pósch]] (1943–1944)
* [[László Temesváry]] (1944)
* [[Imre Oltványi]] (1945)
* [[Artúr Kárász]] (1945)
* [[Imre Oltványi]] (1945–1946)
* [[Ernő Csejkey]] (1946–1949)
* [[Ferenc Jeszenszky]] (1949–1952)
* [[János Vörös (economist)|János Vörös]] (1952–1955)
* [[László Háy]] (1956–1956)
* [[Dénes Szántó]] (1956–1960)
* [[Béla Sulyok]] (1960–1961)
* [[Andor László]] (1961–1975)
* [[Mátyás Tímár]] (1975–1988)
* [[Ferenc Bartha]] (1988–1990)
* [[Surányi György]] (1990–1991)
* [[Péter Ákos Bod]] (1991–1994)
* [[György Surányi]] (1995–2001)
* [[Zsigmond Járai]] (2001–2007)
* [[András Simor]] (2007–2013)
* [[György Matolcsy]] (2013–present)

==See also==
{{Portal|Banks}}
* [[Economy of Hungary]]
* [[Oesterreichische Nationalbank]]
* [[National Bank of Czechoslovakia]]
* [[National Bank of Yugoslavia]]
* [[List of central banks]]

==References==
{{Reflist}}

==External links==
* {{Official website}}{{in lang|hu|en}} 

{{coord|47|30|12.78|N|19|3|8.32|E|region:HU_type:landmark|display=title}}

{{Authority control}}
{{Budapest}}
{{Hungary topics}}
{{Central banks of the European Union}}
{{Members of Euro Banking Association}}
{{Central banks}}

[[Category:Banks of Hungary]]
[[Category:Central banks]]
[[Category:European System of Central Banks|Hungary]]
[[Category:Buildings and structures in Budapest]]
[[Category:1924 establishments in Hungary]]
[[Category:Banks established in 1924]]
[[Category:Art Nouveau architecture in Budapest]]
[[Category:Art Nouveau government buildings]]
{{Навигационная таблица/Портал/Английская Википедия}}
[[Категория:Английская Википедия]]
[[Категория:Википедия]]
[[Категория:Статья из Википедии]]
[[Категория:Статья из Английской Википедии]]