Hungarian Central Bank to Spend $136 Million on National Art

Hungary’s central bank established a 100 million-euro ($136 million) fund to buy back the “most important” works of local artists that have ended up in foreign ownership, it said.

The program to buy works from “various historical periods” is similar to those operated by other central banks, the Magyar Nemzeti Bank said on its website today. The fund will initially operate until Dec. 31, 2018.

Hungary’s central bank held 33.8 billion euros in total reserves at the end of December, down 1 billion euros from the end of November.

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