The economic success of the last 33 months will basically decide the operation of the National Bank of Hungary over the next six years, National Economy Minister György Matolcsy said at a parliamentary hearing on Friday, hours after his nomination to become the next central bank governor was announced.
Matolcsy noted that Hungary’s general government deficit had been brought, “in a sustained and sustainable” manner, under the 3% of GDP threshold, the level of state debt had been reduced and employment had grown. This helps the central bank achieve the goals outlined for it in the Central Bank Act: first price stability, then maintaining financial stability, and afterward supporting economic growth, he added. TheMNB’s new management will always and in all respects abide by the Central Bank Act, Matolcsy said.
Matolcsy is set to replace András Simor, whose mandate expired on March 2. Simor’s term has been marked by tensions between the government and the management of the central bank. Speaking about his own principles for monetary policy, he mentioned keeping down the stock of foreign currency-denominated loans and changing the central bank’s political perception.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
