AlUla, 8 February 2026 – “In the uncertain global economic environment, factors that enhance stability are becoming increasingly important, such as international reserves, which have reached a historic high in Hungary, in excess of EUR 56 billion,” according to MNB Governor Mihály Varga, speaking at the AIula Conference for Emerging Market Economies in Saudi Arabia. He added that international cooperation between central banks could help maintain financial stability and underlined the importance of dialogue.
Varga emphasised that international meetings and knowledge-sharing helped central banks to better understand each other’s frameworks and limitations, thus supporting stability and improving predictability. He explained that global trade was currently undergoing a structural transformation, driven by geopolitical tensions, the restructuring of supply chains and a revival in industrial policy. For this reason in particular, a stable macroeconomic and financial environment was vital for the further development of these forms of cooperation, according to Varga. Discussing the stability of the Hungarian financial market, the Governor noted that, despite the global tensions and uncertainties, one very favourable development was that Hungary’s international reserves had reached almost EUR 56.8 billion at the end of January, marking a historic high. In parallel with this, the forint had strengthened against the euro, appreciating from EUR/HUF 410 to less than EUR/HUF 380. Varga added that these figures reflected the fact that strict monetary policy was essential to ensuring financial stability, while contributing to mitigating inflation expectations and achieving the inflation target in a sustainable manner.
Magyar Nemzeti Bank