Speaking at the annual general meeting of the German-Hungarian Chamber of Industry and Commerce, National Bank of Hungary Governor Mihály Varga framed price stability as a prerequisite for a predictable investment environment and for restarting Hungary’s economy, and said the central bank’s new management is committed to persistently low inflation and a stable financial system. He set out stability, independence and transparency as guiding principles and described the monetary stance as a disciplined, consistent anti-inflationary policy aimed at supporting sustainable development and strengthening credibility. Varga also linked current uncertainty to recent global shocks and the US tariff war, arguing that Hungary is affected both directly and through its economic ties with Germany, particularly the automotive industry, citing that 24.1% of Hungarian exports went to Germany in 2024 and that direct capital investments from German territories totalled EUR 20 billion in 2023.
National Bank of Hungary 2025-05-22
National Bank of Hungary Governor Varga reiterates disciplined anti-inflation policy and highlights Hungary’s exposure to the tariff war via Germany
National Bank of Hungary Governor Mihály Varga emphasized price stability for investment predictability and economic recovery, committing to low inflation and financial stability. He outlined stability, independence, and transparency as guiding principles, with a disciplined anti-inflationary policy to support sustainable development. Varga highlighted Hungary's economic ties with Germany, noting impacts from global shocks and the US tariff war.