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The MNB aims to keep the deficit near 5% of GDP while maintaining positive real interest rates, Varga said. He noted that foreign‑exchange reserves have risen from EUR 44 billion to more than EUR 60 bln, inflation has fallen to 1.8%, and the forint has stabilized in the 360–365 EUR/HUF range.
However, he warned that inflation could climb above 5% in the second half of 2026 due to second‑round energy‑price effects.
The MNB has reduced staff by 15% to about 1,500 employees, is selling luxury properties, and is donating a 1,500‑piece art collection after past spending triggered investigations now handled by the National Bureau of Investigation.
The MNB’s foundation‑related asset manage r has already cut more than HUF 100 bln from its deficit, and several questionable real‑estate projects are being wound down.
From July 2026, private‑equity funds must disclose their real owners under new anti‑money‑laundering rules, moving the sector toward full transparency.
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