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HUNGARY: Varga Tipped for Central Bank Governor Role as Part of Cabinet Overhaul

HUNGARY
CEEMEAEM BulletBulletGlobalEmerging Market NewsHungaryRegion
  • Prime Minister Viktor Orban said over the weekend that a new ministry would take charge of the economy and state finances when Gyorgy Matolcsy’s term as central bank governor ends on March 1. Orban confirmed rumours about a cabinet reshuffle which would include merging the National Economy Ministry, led by Marton Nagy, and the Finance Ministry to create a 'super ministry' with a broader mandate.
  • Reuters note that Finance Minister Mihaly Varga has been widely tipped to succeed Matolcsy at the helm of the central bank next year, while Economy Minister Marton Nagy could take charge of public finances under a merged ministry.
  • Local news site Portfolio run a piece in which they argue that while Varga’s appointment as head of the NBH is unlikely to unsettle markets, Nagy's expanded mandate over fiscal policy and debt management could draw significant attention.
  • Tensions have been rising between central bank and government officials. Matolcsy said last week, “In our view the government’s policies are very mistaken, because they amount to pro-inflationary steps.” The governor also rejected an accusation by Nagy, his former deputy, that the bank is single-mindedly focused on price growth.
  • Orban’s political advisor downplayed the conflict, saying Matolcy has personnel issues with Nagy and added ironically that the government can cope with the situation with Matolcsy in place for just another seven months.
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  • Prime Minister Viktor Orban said over the weekend that a new ministry would take charge of the economy and state finances when Gyorgy Matolcsy’s term as central bank governor ends on March 1. Orban confirmed rumours about a cabinet reshuffle which would include merging the National Economy Ministry, led by Marton Nagy, and the Finance Ministry to create a 'super ministry' with a broader mandate.
  • Reuters note that Finance Minister Mihaly Varga has been widely tipped to succeed Matolcsy at the helm of the central bank next year, while Economy Minister Marton Nagy could take charge of public finances under a merged ministry.
  • Local news site Portfolio run a piece in which they argue that while Varga’s appointment as head of the NBH is unlikely to unsettle markets, Nagy's expanded mandate over fiscal policy and debt management could draw significant attention.
  • Tensions have been rising between central bank and government officials. Matolcsy said last week, “In our view the government’s policies are very mistaken, because they amount to pro-inflationary steps.” The governor also rejected an accusation by Nagy, his former deputy, that the bank is single-mindedly focused on price growth.
  • Orban’s political advisor downplayed the conflict, saying Matolcy has personnel issues with Nagy and added ironically that the government can cope with the situation with Matolcsy in place for just another seven months.