Central Bank Independence in Transition Economies

6B. Objectives, Formulation of Monetary Policy and Relations with other 

State Institutions 

The fundamental objective of the Bank is “the protection of the internal and 

external purchasing power of the national currency” (Art. 4). Other goals enumerated 

in the status are: the development of the internal and external payment system, steady 

development and international integration of the economy. The bank is independent in 

conducting monetary policy (Art. 6) but the means of this policy shall also be used “to 

                                              

7

 Source: Act "On the National Bank of Hungary" (Act LX of 1991), Statutes of the National 

Bank of Hungary (12 February, 1992). 

Other sources: Other sources: Handbook of Central Banks in Central and Eastern Europe, BIS  

1995.  

 

---