November 11, 2019 / 2:10 PM / 2 months ago

Hungary central bank says to review CPI targeting system in 2020

BUDAPEST, Nov 11 (Reuters) - Hungary’s central bank will conduct a review of its inflation-targeting system next year as part of its regular practice, the National Bank of Hungary said on Monday, adding that the current system has worked well.

In a reply to Reuters questions the NBH said the tolerance range around its 3% inflation target, which it introduced in March 2015 as part of its last review to make the system more flexible, has worked and is able to handle uncertainties related to the measuring inflation.

In a study published on Monday, NBH Governor Gyorgy Matolcsy, deputy Governor Marton Nagy and two of the bank’s managing directors argued that central banks of developed countries have been unable to reach their inflation targets for some time and this underlines the need for reforming the systems used for measuring inflation. (Reporting by Krisztina Than and Gergely Szakacs)

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