Ruff Bálint proposes shorter terms and lower pay for MNB supervisory board members
A bill introduced by Ruff Bálint would cut the tenure of Magyar Nemzeti Bank supervisory board members and reduce their remuneration.
Ruff Bálint has submitted a legislative initiative that would reduce the length of service for members of the Magyar Nemzeti Bank supervisory board to four years, allowing only one renewal. The bill also calls for a significant cut in the board members' salaries, affecting both the chairperson and regular members. It reshapes the board's makeup: the parliament would elect the chair from among candidates proposed by both parliament and the minister, while two parliamentary committees would each nominate two members, and the minister would continue to appoint two experts.
The proposal further expands the MNB's ownership control by mandating routine and special audits and establishing a new internal audit unit under the board's direction. These changes aim to increase parliamentary oversight of the central bank.
Why it matters
The changes could alter the independence and governance of Hungary's central bank.
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