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NBH: Orban Taps Mihaly Varga To Become Next Central Bank Governor

NBH
CEEMEAEM BulletBulletEmerging Market NewsHungary

Bloomberg runs headlines noting that Hungarian Prime Minister Viktor Orban confirmed in a radio interview that he tapped Finance Minister Mihaly Varga to lead the central bank.

  • This appointment is in-line with expectations. One of either Finance Minister Mihaly Varga or Economy Minister Marton Nagy had been widely tipped to succeed Matolcsy at the helm of the central bank when his term ends in March 2025, with the former having been seen as the more likely candidate.
  • According to ex-Governor Andras Simor who spoke to MNI earlier this month, Varga’s leadership of the NBH is unlikely to be “radically different”, but he added that the current Finance Minister’s natural economic conservatism may be tested by his long-standing loyalty to the Prime Minister.
  • Similarly, Former Deputy Governor Julia Kiraly said, “I do not expect a significant shift in the monetary policy just because inflation is already going down. Mr Varga is a reliable guy, and the central bank staff is of a very high professional standard.”
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Bloomberg runs headlines noting that Hungarian Prime Minister Viktor Orban confirmed in a radio interview that he tapped Finance Minister Mihaly Varga to lead the central bank.

  • This appointment is in-line with expectations. One of either Finance Minister Mihaly Varga or Economy Minister Marton Nagy had been widely tipped to succeed Matolcsy at the helm of the central bank when his term ends in March 2025, with the former having been seen as the more likely candidate.
  • According to ex-Governor Andras Simor who spoke to MNI earlier this month, Varga’s leadership of the NBH is unlikely to be “radically different”, but he added that the current Finance Minister’s natural economic conservatism may be tested by his long-standing loyalty to the Prime Minister.
  • Similarly, Former Deputy Governor Julia Kiraly said, “I do not expect a significant shift in the monetary policy just because inflation is already going down. Mr Varga is a reliable guy, and the central bank staff is of a very high professional standard.”