Hungarian Rate Setter Kandracs Resigns to Focus on Bad Bank Role

Csaba Kandracs is resigning from the Hungarian central bank’s rate-setting panel to focus on running the monetary authority’s asset management unit.

Kandracs will leave the Monetary Council as of July 6, less than two years into his six-year mandate, the central bank said in a statement on its website. Hungarian lawmakers are scheduled to discuss the nomination of a successor on Wednesday.

Since his appointment at the National Bank of Hungary in 2013, Kandracs has consistently supported the easing cycle led by President Gyorgy Matolcsy, which took the benchmark interest rate to a record 1.5 percent by this month. He was named chairman of the bank’s asset manager in November, a 300 billion forint ($1.07 billion) vehicle aimed at relieving banks of non-performing commercial real estate loans.

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