Hungarian Foreign Trade Bank

(Magyar Külkereske-delmi Bank RT), established Oct. 2, 1950, as a joint-stock company. Located in Budapest.

The Hungarian Foreign Trade Bank participates in the execution of payments with foreign countries involving operations with foreign exchange, gold, and other currency valuables; and it performs discounting and settlement operations involving firms’ credit and engages in compensatory and mortgage operations. It grants domestic enterprises credits in convertible valutas for the organization of export production, services tourists and private parties, and studies the business conditions in the international commodity market. The bank also carries out commissions of the government connected with the sale of inconvertible currencies. The bank has correspondent relations with the banks of the socialist countries, as well as some major capitalist banks (banks of Great Britain, France, and a number of other countries). The bank’s fixed capital is 150 million forints (as of Dec. 31, 1967).