Mihály Varga Takes Up His New Post as MNB Governor

We are pursuing a consistent and disciplined monetary policy, strengthening credibility and confidence. That is according to former finance minister Mihály Varga Mihály who officially took up his post as Governor of the National Bank of Hungary (MNB) after receiving his letter of appointment from President Tamás Sulyok on Monday.

He was quoted in an MNB statement as saying that under his leadership, stability, independence and transparency will be the guiding principles of the institution's operations.

The main objective of the MNB is to achieve and maintain price stability, Mihály Varga stressed. “Accordingly, we will respond decisively to any risks that threaten the inflation target, financial stability and sustainable economic development,” he said. Mihály Varga stressed that the work of the new leadership of the central bank will be accompanied by clear messages and consistent action, which will increase confidence in the Hungarian financial system and provide certainty for economic agents.

The central bank president was of the view that the National Bank of Hungary will manage its operations according to the principles of transparency, professionalism and responsible management, while at the same time reducing activities that fall outside the classical tasks of the central bank. Mihály Varga pointed out that the Hungarian economy rests on solid foundations, 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. Mihály Varga reiterated that the independence of the National Bank of Hungary 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.