The National Bank of Hungary published remarks by Governor Mihály Varga at the handover ceremony of Kun-Malom Grain Kft’s hulling and milling plant, linking domestic food production investment to Hungary’s economic sovereignty and stability. He also framed the central bank’s current focus as fostering stability and confidence amid global economic uncertainty and conflicts. Varga said inflation had returned to the tolerance band over the past year, falling to 1.4 percent in February. He added that the forint had strengthened against the euro, appreciating from EUR/HUF 410 at the end of the previous year, and that Hungary’s foreign exchange reserves had reached nearly HUF 60 billion, a historic high, which he described as supporting financial market stability and market confidence. On food industry capacity, he pointed to an earlier corn-processing milling and storage facility and the completion of a new mill and hulling plant with storage and processing capacity for wheat, rye and triticale produced by local farmers.
National Bank of Hungary 2026-03-25
National Bank of Hungary governor highlights 1.4% inflation and historic high nearly HUF 60 billion foreign exchange reserves at grain plant opening
Governor Mihály Varga of the National Bank of Hungary emphasized the link between domestic food production investment and Hungary's economic sovereignty and stability. He noted inflation returned to the tolerance band at 1.4% in February, the forint strengthened against the euro, and foreign exchange reserves reached nearly HUF 60 billion, supporting financial market stability. Varga highlighted the completion of a new mill and hulling plant, enhancing local agricultural processing capacity.