Matolcsy confirmed MNB governor for second term
As expected, Hungarian President János Áder has appointed György Matolcsy to another six-year term as governor of the National Bank of Hungary (MNB), the Office of the President said on Thursday. Matolcsyʼs appointment is effective from March 4, 2019.
The MNB governor is appointed by the president of Hungary based on the proposal of the prime minister, after a hearing before a parliamentary committee. Matolcsy will take a ceremonial oath this Friday, March 1.
There is a two-term limit for the post. His current six-year mandate as MNB governor ends on March 3.
Under the watch of Matolcsy, a former economy minister whose hallmark is unorthodox, albeit effective, policy, the central bank base rate has been brought to a historic low, noted state news agency MTI.
The incumbent has also overseen a reversal in corporate lending trends supported by the MNBʼs Funding for Growth Scheme, and helped coordinate the conversion of retail FX mortgages into forints, reducing household debt by some HUF 1 trillion, MTI added.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.