Korean, Hungarian central banks sign MOU to boost cooperation

The Bank of Korea's headquarters in central Seoul is seen in this file photo from April 27, 2023. Joint Press Corps

Korea's central bank said Monday it has signed an agreement with the Hungarian central bank to promote bilateral exchanges and cooperation.

Under the signed memorandum of understanding, the Bank of Korea (BOK) and the Magyar Nemzeti Bank (MNB) agreed to further strengthen their cooperative relationship by sharing information and expertise and conducting joint research and workshops across various policy areas, according to the BOK.

"Stronger cooperation with Hungary, a strategically located country in Europe, is expected to serve as an important opportunity for the two central banks to share policy experiences and enhance their capacity to respond to global economic uncertainty and financial market volatility," the BOK said in a release.