National Bank of Hungary (MNB) Governor Mihály Varga used remarks at the 30th anniversary ceremony of OTP Bank’s stock exchange listing to underline the role of adequately sized and well-structured household savings and a smoothly functioning Hungarian stock exchange in supporting financial-system stability and domestic economic development. He also argued that Hungary has maintained financial stability despite global economic challenges, pointing to the recent stabilisation of the forint exchange rate and early signs that exchange-rate stability is feeding through to prices and facilitating a decline in inflation. Varga said stability depends on well-capitalised banks and well-functioning financial markets, and reiterated that OTP, as a Hungarian-owned bank, is an important driver within the domestic banking system. He noted that Hungarian households’ savings and financial assets are higher as a share of GDP than in other countries in the region, with net financial assets rising from 82% of GDP in the early 2010s to 114% currently. As an example of stock market performance, he cited the BUX index gaining 80% over almost two years, placing it among the world’s best-performing stock indices over that period.
National Bank of Hungary 2025-11-02
National Bank of Hungary governor points to forint stabilisation and strong household savings as pillars of financial stability
National Bank of Hungary Governor Mihály Varga emphasized household savings and a robust stock exchange for financial stability during OTP Bank's 30th anniversary. He highlighted Hungary's financial stability amid global challenges, noting the forint's stabilization and its positive impact on inflation. Varga also pointed out the growth in Hungarian households' net financial assets and the strong performance of the BUX index.