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György Matolcsy at the parliamentary hearing | Tamás Kovács / MTI

Matolcsy named new Central Bank governor

D&T
March 1, 2013

Hungary’s Economics minister György Matolcsy has been named by Prime Minister Viktor Orbán as the next Governor of the National Bank of Hungary (NBH). Matolcsy was touted as the most likely candidate for the job of András Simor whose six-year mandate expires on March 3.

Matolcsy's post will be given to Mihály Varga, who will remain in charge of credit talks with international financial institutions. According to Orbán, this shift does not mean that the direction of economic policy will change.

The government MPs of Hungarian Parliament's economic committee approved the nomination of György Matolcsy to head the National Bank. They also approved Ádám Balog's nomination as the third deputy governor.

Appearing before the committee after his nomination Matolcsy was of the view that the central bank "has been and will be independent". However, analysts point out that the National Bank has become the last important institution to be taken over by Viktor Orbán’s nominee.

D&T

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