Magyar Nemzeti Bank supports sustainable growth by strengthening stability and competitiveness

Budapest, 21 October 2025 – “By strengthening stability, the MNB aims to support increased competitiveness and thus sustainable economic development as well,” according to Zoltán Kurali, Deputy Governor of the Magyar Nemzeti Bank responsible for monetary policy, financial stability and foreign reserve management, who was speaking at the opening of the Built Environment European Summit 2025 organised by the Royal Institution of Chartered Surveyors (RICS). Kurali emphasised that a sustainable, resilient and competitive real estate sector played a key role in ensuring stability and long-term, sustainable growth.

The Deputy Governor explained that in the past years significant changes had occurred across Europe on the real estate market and in infrastructure development. The affordability of housing was a challenge in more and more countries, while remote work, digitalisation and sustainability goals had radically transformed the commercial real estate market. The quality and resilience of built environments was strongly linked to economic growth and financial stability. According to the Deputy Governor, the MNB’s goal was to support sustainable growth by strengthening stability. In terms of monetary policy, prudence and stability would continue to be the defining aspects in the period ahead. The stable capital and liquidity position of the Hungarian banking system made it possible for financial institutions to responsibly support investments in infrastructure, real estate and urban development. The situation in the Hungarian real estate sector allowed modernisation and innovative, efficient solutions to take centre stage. The Deputy Governor also noted that in the past years the Magyar Nemzeti Bank had launched several initiatives to support sustainability, including the green preferential capital requirement programme, which encouraged energy-efficient investments in corporate, municipal and residential financing. He emphasised that from January 2026 onwards, the Magyar Nemzeti Bank would help prevent real estate market risks and increase the banking system’s resilience via additional measures. The MNB Deputy Governor added that well-calibrated regulatory tools ensured that the banking system could support the economy even during difficult periods.

Magyar Nemzeti Bank

Vissza a tetejére

The primary objective of the MNB shall be to achieve and maintain price stability. (...) Without prejudice to its primary objective, the MNB shall support the maintenance of the stability of the system of financial intermediation, the enhancement of its resilience, its sustainable contribution to economic growth; furthermore, the MNB shall support the government’s economic policy and its policy related to environmental sustainability, using instruments at its disposal.