4.26 Other major events after the reporting period affecting 2020

The MNB plays a significant role in the Hungarian economy as the institution responsible for implementation of monetary policy and supervision of the financial intermediary system, as well as the central factor of cash supply system and the payment systems. Accordingly, based on the operational risk management and business continuity management strategy, as well as on the pandemic action plan and the decisions made following the declaration of the state of emergency, the MNB is prepared to ensure business continuity at the expected high-quality level and to operate the vital systems during the coronavirus period as well.

At the same time as WHO declared a health emergency, the MNB began preparations to minimise the effects of the pandemic on the MNB, in order to protect the health of its employees and ensure business continuity. During the first and second waves of the pandemic, the MNB took the necessary decisions.

The MNB responded to the economic challenges caused by the coronavirus with a coordinated series of steps and targeted measures, as part of which it restructured and broadened its set of monetary policy instruments. The measures taken by the central bank in the first and second stages of protection against the coronavirus strengthened the foundations of the Hungarian economy, provided the necessary liquidity for economic operators and mitigated the adverse economic effects of the pandemic. The MNB remained committed maintaining price stability during the coronavirus pandemic, and inflation moved within the tolerance band in almost every month during 2020.

23 April 2021, Budapest

Dr György Matolcsy Governor of the Magyar Nemzeti Bank

ANNUAL REPORT

2019 Business report and financial statements of the Magyar Nemzeti Bank

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