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Report: Hungary's constitutional court deems central bank law change unconstitutional

Hungary's constitutional court rejected an amendment to alaw that would have limited public access to financial data of companies ownedby the country's central bank and its foundations, Reuters reported March 31.

"The [Magyar Nemzeti Bank] serves a public purpose and managesexclusively public money, therefore to ensure transparency and the purity ofpublic life, it must be accountable to the public," said the court, whichreportedly also prohibited the amendment from being applied proactively.

Apart from various foundations, the central bank partly orwholly owns various businesses including the Budapest Stock Exchange, in whichit acquired a majority stake in November 2015, the newswire noted.

The country's ruling Fidesz party and György Matolcsy,governor of the country's central bank, were in favor of the amended law,Reuters noted.