Baku, 4 June 2026 – In an uncertain and complex global economic environment, maintaining stability and predictability has become a priority for every central bank, according MNB Governor Mihály Varga, who was attending the second meeting of the Council of Central Bank Governors of the Organization of Turkic States. He underlined that the agreement between the Hungarian and Azerbaijani central banks served to further enhance professional cooperation between these two institutions, including in the field of financial innovation.
Governor Varga pointed out that escalating geopolitical tensions and volatility in energy prices were challenges for small, open economies, adding that the top priorities for the Magyar Nemzeti Bank continued to be achieving sustainable price stability and maintaining financial stability. He emphasised that at the international level modernising the financial system and developing digital financial solutions were also key tasks. According to Varga, in these areas, the Magyar Nemzeti Bank pays particular attention to the development of electronic payments as well as to the safe use of financial innovations and new technologies, such as artificial intelligence. International central bank meetings and cooperation provided opportunities to gain further experience in this field and thus contributed effectively to preserving stability, he said.
At the Council meeting, the Magyar Nemzeti Bank and the Central Bank of the Republic of Azerbaijan signed a memorandum of understanding to further strengthen professional cooperation and knowledge sharing between the two institutions. Governor Varga highlighted that this agreement contributed to deepening the exchange of central bank experience and strengthening joint professional efforts to foster financial stability and innovation.
Magyar Nemzeti Bank