The instruments used by the central bank to implement monetary policy are generally called monetary policy instruments. The main aim of the MNB in forming and operating its monetary policy instruments is that the short term money market rates adjust to its key policy rate and the operational framework promote the efficient implementation of interest rate policy.
The Act CCVIII of 2011 on the Magyar Nemzeti Bank (See the related documents) defines the set of potential central bank instruments. The set of so called business instruments represents all the instruments for which the MNB has written business terms and conditions or MNB regulation in force.
The applied instruments constitute a subset of the business instruments, which contains elements continuously or discretionally applied by the central bank.
Detailed monetary policy instruments
The monetary policy instruments of the MNB
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