Friday, May 23, 2025. 13:50

Central Bank Gov Varga Addresses German-Hungarian Business Chamber

Mihály Varga, the governor of the National Bank of Hungary (MNB), spoke at the annual general meeting of the German-Hungarian Chamber of Industry and Commerce (DUIHK) on Thursday.

German-owned companies have played a big role in the Hungarian economy for decades, Varga said according to news wire MTI, adding that it was of key importance for the German economy to rebound amid market volatility resulting from the trade war.

He added that the American tariff war had impacted the Hungarian economy, too, especially through the automotive industry, causing weaker investor confidence and souring sentiment on international markets.

He noted that over 24pc of Hungary’s exports went to Germany in 2024 and said it was in the country’s fundamental interest for the German economy to return to the growth path.

Varga said the central bank’s new management was committed to keeping inflation persistently low and ensuring a stable financial system.

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Central Bank Gov Varga Addresses German-Hungarian Business Chamber

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