In opening remarks at the Lámfalussy Conference, National Bank of Hungary Governor Mihály Varga said the central bank's new management had reset the bank's operations to focus on its legally defined primary objectives and had streamlined the organisation. He presented this as the appropriate response to a difficult global economic environment and stressed that stability increasingly depends on cooperation among independent central banks, particularly in Europe. Varga linked that refocus to recent domestic stability indicators, citing inflation's return to the central bank's tolerance band over the past year, the Hungarian forint's appreciation to HUF 360 per EUR from HUF 410 per EUR, foreign exchange reserves of about EUR 60 billion, and gold holdings of 110 tonnes. He also said the conference was intended to strengthen the ability to address imbalances, enhance stability and deepen international cooperation.
National Bank of Hungary2026-05-18
National Bank of Hungary governor says new management has refocused operations on the core mandate and streamlined the organisation
At the Lámfalussy Conference, National Bank of Hungary Governor Mihály Varga said the new management has refocused the central bank on its primary statutory objectives and streamlined its organisation in response to a difficult global environment, stressing cooperation among independent central banks, particularly in Europe. He linked this to domestic stability indicators, including inflation’s return to the tolerance band, the forint’s appreciation to HUF 360 per EUR from HUF 410, foreign exchange reserves of about EUR 60 billion and gold holdings of 110 tonnes, and said the conference aims to strengthen the ability to address imbalances and deepen international cooperation.