[3] In the negotiation of the Austro-Hungarian Compromise of 1867, the matter of the dual monarchy's central bank and its governance was set aside with the understanding that it would be reformed in the future.

[5] The governor was to be jointly nominated by the respective ministers of finance of Austria and Hungary, and the bank was statutorily committed to opening new branches on an equitable basis in both parts of the Habsburg Monarchy.

The Act LVIII of 2001 on the Magyar Nemzeti Bank established the Hungarian government and the MNB as the policy makers determining the exchange-rate regime.

[3] Hungary was supposed to join the eurozone in 2010, which would have resulted in the MNB losing control of monetary policy, but central bank leaders criticized this plan, saying that the fiscal austerity requirements would slow growth.

[10] In December 2011 two of the three major credit rating agencies downgraded Hungarian long term currency debt to "junk status", due in part to changes to the Constitution of Hungary, creating doubts about the independence of the central bank.

The upgrade was mainly motivated by, among other factors, high current account surpluses, high European Union (EU) fund inflows, banks' external deleveraging, the central bank's self-financing programme and foreign currency mortgage conversion reducing Hungary's external debt and financial vulnerability.

[13] The Governor of the Hungarian National Bank is appointed by the President of Hungary at the proposal of the Prime Minister for a six-year term.

[14] Hungary's Central Bank Act states, "The primary objective of the MNB shall be to achieve and maintain price stability.