National Bank of Hungary Governor Mihály Varga used the start-of-year press conference at the Budapest Stock Exchange to frame 2025 as a year of rebuilding and rationalising under the central bank’s new leadership and to set 2026’s primary objective as further strengthening stability. He linked sustainable economic development to achieving and maintaining price stability, a stabilised forint exchange rate, high international reserves and a well-capitalised banking system. Varga reported that exchange rate volatility had been more favourable than over the past five years and that foreign exchange reserves had reached an unprecedented level of over EUR 50 billion. He also pointed to a stronger EUR/HUF rate, from around 410 a year earlier to around 385 at the time of the remarks, and highlighted record performance on the Hungarian stock market, with the BUX index at around 110,000. The banking sector’s strong capital position was presented as enabling agreements aimed at lower fees, more predictable investments, more transparent lending, improved customer information and stronger fraud prevention.
National Bank of Hungary 2026-01-12
National Bank of Hungary Governor outlines 2026 stability focus as reserves exceed EUR 50 billion and the forint strengthens
National Bank of Hungary Governor Mihály Varga outlined 2025 for rebuilding and rationalising, with 2026 focused on strengthening stability, linking sustainable economic development to price stability, a stable forint, high reserves, and a well-capitalised banking system. He noted favourable exchange rate volatility, foreign exchange reserves exceeding EUR 50 billion, a stronger EUR/HUF rate, and record performance of the BUX index, alongside a robust banking sector enabling improved financial agreements.