Governor Mihály Varga said the new management of the National Bank of Hungary (NBH) is committed to achieving and maintaining price stability while improving the efficiency and practical application of the central bank's work.
At a meeting of the Big Companies Club of the Budapest Chamber of Commerce and Industry (BKIK), Varga said the NBH would focus on the tasks in its legal mandate in future, while cooperating with economic and financial market players to support sustainable economic growth.
He acknowledged the impact on Hungary's economic outlook of increasing uncertainty on global economic and financial markets amid the drawn-out war in Ukraine, the tariffs war and the stagnation of the German economy, and pointed to the emergence of recession and inflation risks.
Although the strong foundations of the Hungarian economy give reason for optimism, Varga said the global tariffs war could affect macroeconomic developments in Hungary, noting that the central bank had put average annual CPI at 4.5pc-5.1pc and GDP growth at 1.9pc-2.9pc for 2025 in a forecast released in March.
Varga said the NBH's new management would concentrate on strengthening the fulfillment of its basic tasks, increasing transparency and efficiency, while rationalising other tasks.
He highlighted the central bank's recently established cooperation with the Hungarian Chamber of Commerce and Industry (MKIK) and an agreement with lenders on streamlined, more transparent and cheaper fees that would reduce retail banking costs and bring down inflation.