Budapest, 4 March 2025 – “We will pursue a consistent and disciplined monetary policy and strengthen credibility and confidence,” said Mihály Varga, who officially took office as Governor of the Magyar Nemzeti Bank after receiving his letter of appointment from President Tamás Sulyok on Monday. The new MNB Governor stressed that stability, independence and transparency would be the guiding principles of the institution under his leadership.
The primary objective of the MNB was to achieve and maintain price stability, emphasised Governor Varga, who went on to say “we will respond decisively to any risks that threaten the inflation target, financial stability and sustainable economic development.” He underlined that the work of the central bank’s new management would be accompanied by clear communication and consistent action, which would boost confidence in the Hungarian financial system and provide security for economic actors. The central bank governor stated that he would manage the operations of the Magyar Nemzeti Bank in accordance with the principles of transparency, professionalism and responsible financial management, while also reducing activities that fall outside the scope of traditional central bank tasks. Varga pointed out that the Hungarian economy was on a solid foundation, growth prospects were favourable, and families, businesses and the banking system had strong liquidity. As he noted, the central bank supported sustainable economic growth by maintaining low inflation and financial market stability. He confirmed that the independence of the Magyar Nemzeti Bank was guaranteed by law and that the central bank cooperated with the government and domestic and international organisations in accordance with best practices and with mutual respect for their respective responsibilities.