Matolcsy, who has boasted of the success of his “unorthodox economics” when he was Hungary’s minister of economics in 2010-2013, said the endowment will not cost taxpayers anything, because it is taken from the profits that the MNB realized while cutting the base rate over the last two years – and also from the central bank’s “money creation” according to reports.
Matolcsy was reported as saying that the money would go to a faculty of economics and finances in Kecskemét; a faculty of finances in Targu Mures, in the section of Romania with a large ethnic Hungarian population; a doctorate school in the Buda Castle and a training center in Pest.
Weekly HVG notes that the HUF 200 bln endowment is one-and-a-half times the annual amount that the state spends on higher education.
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