What is the central bank of Hungary, established in 1924?

Magyar Nemzeti Bank is Hungary’s central bank, established in 1924.

The institution was founded on 24 June 1924, during the financial and monetary reorganisation of Hungary after the First World War. Its headquarters are in Budapest. In English, its name is commonly translated as the Hungarian National Bank.

The bank is responsible for monetary policy, currency issuance, management of official reserves and several financial-stability and supervisory functions. Hungary’s currency is the forint, introduced in 1946 after the hyperinflation of the pengő.

The Magyar Nemzeti Bank is not part of the Eurosystem because Hungary has not adopted the euro. This distinguishes it from central banks in euro-area countries, which share responsibility for monetary policy with the European Central Bank.