Hungarian central bank outraged on the Orbán cabinet’s new Central Bank Act
Hungary’s central bank (NBH) has said amendments to the Central Bank Act drafted by the Finance Ministry would impair its independence and affect its core activities.
“It is the NBH’s firm position that the draft amendment to the Central Bank Act, in its current form, would influence the independence of the central bank,” the NBH said in a statement late on Tuesday.
“Some provisions of the draft transfer to the supervisory board not only further rights of oversight, but management rights that could affect the central bank’s core activities,” it said. “If the new law is approved, it could be used to construct narratives against the Hungarian economy and to damage our financial stability,” it added.
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Hungary January industrial output down 3.6%
Headline industrial output fell by 3.6 percent in January 2024 compared with the same period last year, the Central Statistical Office said on Wednesday in a second reading of data. Adjusted for the number of working days, output dropped by 4.1 percent. Month on month, output fell by 1.1 percent based on seasonally and working day-adjusted data.
The detailed data show that output of the automotive industry, Hungary’s biggest manufacturing sector, slipped by an annual 4.7 percent in January, falling for the third month in a row. Output of the electrical equipment segment edged down by 1.3 percent, while computer, electronics and optical equipment output fell by 18.7 percent. Food, drinks and tobacco output was up 7.6 percent.
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