Salaries of Hungarian central bank directors to more than double

February 29, 2016

Matolcsy

In addition to allowing the National Bank of Hungary (MNB) to withhold information about how it uses public funds, a proposal submitted today by Fidesz MP Erik Bánki would increase the salaries of its management. The law is to be voted on Tuesday, that is, within 24 hours of it being submitted to parliament.

According to Hungarian Mfor.hu the law would increase the monthly salaries of central bank management in the following ways:

  • MNB chairman György Matolcsy’s monthly salary would go from HUF 2.37 million to HUF 5 million (a 110% increase);
  • Vice-president Márton Nagy’s monthly salary would go from HUF 1.9 million to HUF 4.5 million (a 137% increase);
  • Vice-president Ferenc Gerhardt’s monthly salary would go from HUF 1.66 million to HUF 4.5 million (a 171% increase);
  • Monthly salaries of members of the Monetary Council would go from HUF 1.43 million to HUF 3 million (a 109% increase);
  • Supervisory board chairman Ferenc Papcsák’s monthly salary would go from HUF 1.2 million to HUF 3.5 million (a 191% increase); and,
  • Supervisory board members’ monthly salaries would go from HUF 0.8 million to HUF 3 million (a 275% increase).