Latest news with #MihályVarga
Budapest Times
24-04-2025
- Business
- Budapest Times
Varga: New management of NBH is committed to achieving and maintaining price stability
Governor Mihály Varga said the new management of the National Bank of Hungary (NBH) is committed to achieving and maintaining price stability while improving the efficiency and practical application of the central bank's work. At a meeting of the Big Companies Club of the Budapest Chamber of Commerce and Industry (BKIK), Varga said the NBH would focus on the tasks in its legal mandate in future, while cooperating with economic and financial market players to support sustainable economic growth. He acknowledged the impact on Hungary's economic outlook of increasing uncertainty on global economic and financial markets amid the drawn-out war in Ukraine, the tariffs war and the stagnation of the German economy, and pointed to the emergence of recession and inflation risks. Although the strong foundations of the Hungarian economy give reason for optimism, Varga said the global tariffs war could affect macroeconomic developments in Hungary, noting that the central bank had put average annual CPI at 4.5pc-5.1pc and GDP growth at 1.9pc-2.9pc for 2025 in a forecast released in March. Varga said the NBH's new management would concentrate on strengthening the fulfillment of its basic tasks, increasing transparency and efficiency, while rationalising other tasks. He highlighted the central bank's recently established cooperation with the Hungarian Chamber of Commerce and Industry (MKIK) and an agreement with lenders on streamlined, more transparent and cheaper fees that would reduce retail banking costs and bring down inflation.
Budapest Times
14-03-2025
- Business
- Budapest Times
New NBH governor signs first banknote
Mihály Varga said Hungarian banknotes combined progress with tradition and stability, while adopting all of the latest cash technologies. Mihály Varga, the new governor of the National Bank of Hungary (NBH), signed a banknote issued by the central bank for the first time on Wednesday. According to MTI, Varga said Hungarian banknotes combined progress with tradition and stability, while adopting all of the latest cash technologies. He added that NBH banknotes were a sign of the central bank's independent monetary policy as well as its contract with economic actors. Varga said he would follow the principles of stability, independence and transparency in his new position. He added that the central bank would continue a disciplined and consistent monetary policy, supporting the sustainable growth of the Hungarian economy and strengthening the stability of the financial system. Under his leadership, Varga pledged the NBH would closely track every trend and risk, while delivering firm responses if those put the central bank's targets at risk. Varga noted that the law ensured the NBH's independence, but said that didn't imply isolation. He added that the NBH would cooperate with the government and financial institutions, in line with international practices and respecting the scope of responsibilities. Varga said the NBH's main focus would be on 'classic' central bank tasks contained in its legal mandate. He added that the NBH would scale back other activities, highlighting the importance of disciplined management and transparent operation. The NBH is 'no ivory tower', he said, adding that the central bank's analyses served the implementation of its programmes which supported policies strengthening confidence in the Hungarian financial system. Establishing a predictable investment environment is a key goal, he said, adding that price stability supporting the achievement of economic targets was in reach and could be sustained in the long term.
Budapest Times
04-03-2025
- Business
- Budapest Times
President Sulyok appoints Mihály Varga to six-year term as NBH governor
The NBH governor is appointed by the president of Hungary based on the proposal of the prime minister, after a hearing before a parliamentary committee. President Tamás Sulyok appointed Mihály Varga to a six-year term as governor of the National Bank of Hungary (NBH) at the Sándor Palace on Monday. The NBH governor is appointed by the president of Hungary based on the proposal of the prime minister, after a hearing before a parliamentary committee. Before receiving his letter of appointment, the former Finance Minister swore an oath on the Fundamental Law and to exercise his office for the benefit of the Hungarian nation. The event was attended by Prime Minister Viktor Orbán, House Speaker László Kövér, Gergely Gulyás, Head of the Prime Minister's Office and Máté Kocsis, who heads the parliamentary group of Fidesz.
