National Bank Cooperates with Supervisory Authority

The new leadership of the National Bank of Hungary (MNB) aims to cooperate with economic and financial market actors to promote sustainable economic development. That is according to MNB Governor Mihály Varga, speaking after the conclusion of a cooperation agreement with Dr László Nagy, President of the Supervisory Authority for Regulatory Affairs of Hungary (SARA).

According to a statement by the national bank, Governor Varga highlighted that the agreement paved the way for joint, partnership-based cooperation that would promote sustainability goals, ease administrative burdens on Hungarian businesses and facilitate regulatory compliance.

He also noted that since March, MNB had launched several partnerships with economic actors, including important agreements with the Hungarian Banking Association and the Hungarian Chamber of Commerce and Industry in April. The cooperation with SARA covered three main areas: sustainability, the gambling market and crypto assets. Within the framework of this agreement, the two institutions would collaborate at the expert level in the development of legislative initiatives and facilitate knowledge sharing by organising professional conferences and training seminars.

He added that in order to promote sustainability goals, the two institutions were working to ease burdens on Hungarian businesses by eliminating overlapping data submissions. In the field of gambling, the agreement aimed to facilitate law-abiding behaviour and enable the authority to act more effectively against online gambling market violations. He also explained that, as a result of the agreement, future coordination of the activities of the MNB and SARA could strongly support the development of a safely operating Hungarian crypto market, where access to services was defined by clear rules. He underlined that the agreement would implicitly contribute to the sustainable development of Hungary’s economy and thus help improve quality of life for the Hungarian people.