Finance Minister Mihály Varga said the government’s goal is to strengthen the National Bank of Hungary’s transparency and ensure its frugal operation while respecting the central bank’s independence.
According to MTI, to achieve this, the Finance Ministry, in consultation with the European Central Bank, is considering extending the powers of the central bank’s supervisory board over activities external to the bank’s core tasks. The proposal confirmed by the ECB would extend the supervisory board’s powers to cover other central bank activities, such as approving economic decisions above a certain value threshold as well as tightening the obligation to provide information and reports, Varga said.
Meanwhile, the prime minister also underlined the importance of the central bank’s independence, saying it was “sacred and inviolable”, according to a statement by the PM’s press chief. The government has not yet discussed the amendment to the law regarding the powers of the bank’s supervisory board, the statement added.