Varga, who participated at a the AlUla Conference for Emerging Market Economies in Saudi Arabia, noted that the MNB’s international reserves stood close to EUR 56.8 billion, a new record.
He added that the forint had firmed under 380 to the euro from around 410 in 2025.
The minister also said the role of tight monetary policy was “unavoidable” to ensure financial stability as well as reduce inflation expectations and achieve the inflation target.
Varga highlighted the impact of geopolitical tension, supply chain restructuring and a rethink of industrial policy on global trade, and he acknowledged the contribution of international meetings to supporting central banks’ better understanding of each other’s constraints, which bolsters stability and strengthens predictability. He added that advancing those forms of cooperation was indispensable for a stable macroeconomic and financial environment.
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