The exchange rate is exclusively within the central bank’s scope of authority and government should resist openly discussing this issue, Prime Minister Viktor Orbán said last Friday, addressing a central bank conference named after Alexandre Lamfalussy, the forefather of the euro. The forint dipped to a new two-year low past 314 versus the euro that day, recovering slightly to around 313 later in the day. Orbán said the 2014 budget will not be an election-year budget and reiterated that the deficit will be kept below 3% of GDP. The current account shows the economy is very stable, he added. National Bank of Hungary (MNB) deputy governor Ferenc Gerhardt told Dow Jones on the sidelines of the conference that intervention by the MNB to prop up the forint would be a mistake because of the current volatility in emerging markets. The central bank is keeping a very close eye on major “players” of the market and is acting extremely cautiously, Gerhardt said.