Karcag, 25 March 2026 – “Every investment in domestic food production improves the sovereignty and stability of Hungary as a whole,” according to MNB Governor Mihály Varga, speaking at the handover ceremony of the hulling and milling plant of Kun-Malom Grain Kft. Varga emphasised that, in an environment marked by uncertainty and conflicts in the global economy, the new leadership of the central bank continued to focus on fostering stability and confidence.
MNB Governor Varga noted that inflation had returned to the tolerance band in the past year, falling to 1.4 percent in February. The forint had also strengthened considerably against the euro, appreciating from EUR/HUF 410 at the end of the previous year. In parallel with this, Hungary’s foreign exchange reserves had reached nearly HUF 60 billion, marking a historic high. He added that the high level of international reserves played a vital role in maintaining financial market stability, in addition to bolstering market confidence in Hungary’s economy.
Speaking about the new plant, Governor Varga explained that enhancing the stability of Hungary’s economy required Hungarian enterprises that were ready to act as well as the specific, local investments they implemented. He emphasised that strengthening Hungary’s sovereignty was not possible without developing the food industry and reinforcing supply chains. As he had previously stated, in an uncertain global economic environment, self-sufficiency and the ability to make independent decisions were crucially important factors for economic performance. Varga explained that a milling and storage facility belonging to Szatmári Ltd. was completed six years ago and had begun operating, processing only corn, the raw material for gluten-free foods. Recently, a mill and hulling plant suitable for storing and processing large quantities of wheat, rye and triticale produced by farmers in the area was also completed at a new location.
Magyar Nemzeti Bank