The National Bank of Hungary (Magyar Nemzeti Bank, MNB) announced that it is intensifying international central bank cooperation, including strengthening existing ties with Asian financial institutions, and has created a new deputy governorship responsible for international relations. Governor Mihály Varga set out the move at the opening of the Budapest Renminbi Initiative Conference. The new post is intended to enable the MNB to engage more effectively in the international financial system, against what Varga described as a shift in the global economy’s centre of gravity toward Asia and increasing multipolarity in finance. He highlighted China’s role as one of Hungary’s most important trading partners and noted that Hungary was the first country in Europe to issue government bonds in both the offshore and onshore renminbi (RMB) markets, while framing the conference as part of the 10th anniversary of the MNB’s Renminbi Programme and a forum for exchanges on topics including artificial intelligence and central banking practices.
National Bank of Hungary 2025-09-12
National Bank of Hungary establishes a new deputy governorship for international relations to deepen cooperation with Asian financial institutions
The National Bank of Hungary (MNB) is boosting international central bank cooperation, focusing on Asian financial institutions, and has created a new deputy governorship for international relations. Governor Mihály Varga emphasized the global economic shift towards Asia and highlighted China's significant trade relationship with Hungary. The announcement was made at the Budapest Renminbi Initiative Conference, marking the 10th anniversary of the MNB’s Renminbi Programme.