Mihály Varga Starts Work as Head of the Central Bank
March 5, 2025
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Swearing-in of central bank governor Varga Mihály (C) at the Sándor Palace on March 3, 2025
“We are pursuing a consistent and disciplined monetary policy, strengthening credibility and confidence,” the central bank quoted Mihály Varga as saying in a statement following his appointment. The new central bank governor said that under his leadership, stability, independence and transparency will be the guiding principles of the institution’s operations.
Mihály Varga officially took up his post as Governor of the Hungarian National Bank (MNB / Magyar Nemzeti Bank) after receiving his letter of appointment from President Tamás Sulyok on Monday. The main objective of the MNB is to achieve and maintain price stability, Mihály Varga stressed in the statement.
Accordingly, we will provide a strong response to any risks that threaten the inflation target, financial stability and sustainable economic development,”
he said.
Mihály Varga pledged that the work of the new leadership will be accompanied by clear messages and consistent action, that will increase confidence in the Hungarian financial system and provide certainty for economic agents. He said that the MNB will manage its operations in accordance with the principles of transparency, professionalism and responsible management, while at the same time reducing activities that fall outside the scope of the traditional central bank tasks.
Mihály Varga pointed out:
The Hungarian economy is on a sound footing, growth prospects are favorable, and the liquidity of families, businesses and the banking system is strong.”
He said that the central bank supports sustainable economic growth by maintaining low inflation and financial market stability.
He reiterated that the independence of the MNB is guaranteed by law, and the central bank cooperates with the government, domestic and international organizations in line with best practice and in mutual respect of responsibilities.
Related article
New Central Bank Governor Takes Office
Former Finance Minister Mihály Varga will be the head of MNB for the next six years.Continue reading
Via MTI, Featured image: MTI/Miniszterelnöki Sajtóiroda/Benko Vivien Cher
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