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Hungary approves disputed central bank law

Hungary approves disputed central bank law

Hungary's Parliament has approved a disputed central bank law, as well as other legislation which may hinder upcoming talks with the International Monetary Fund and the European Union about financial support.
Earlier this month, the IMF and the EU withdrew from preliminary talks because of the insistence of the government of Prime Minister Viktor Orban to advance legislation which increases political influence over the central bank and curtails its independence.
Laws approved Friday also open the way for the merger of the National Bank of Hungary and the country's financial regulator, resulting in the demotion of the central bank president.
Orban said Friday that Hungary would be able to "stand on its own feet" even without an IMF-EU aid package.


Updated : 2021-06-16 02:41 GMT+08:00