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Report: Hungary's central bank cancels NHB Bank license

Hungary's central bank canceled NHB Növekedési Hitel Bank Zrt.'s license and ordered it liquidated after it failed to bolster liquidity, Budapest Business Journal reported March 18.

The central bank said NHB, or NHB Growth Credit Bank, failed to adopt measures for its viability such as revamping its business model and improving solvency, according to the report. The central bank in December 2018 imposed a 30-day restriction on the withdrawal of deposits of more than 7 million Hungarian forints at the lender due to the liquidity problems.

As of March. 18, US$1 was equivalent to 277.06 Hungarian forints.