MNB launches HUF 54 bln renovation of landmark HQ

MNB

MNB headquarters in Budapest.

The National Bank of Hungary (MNB) announced the launch of a HUF 54 bln full-scale renovation of its headquarters on Budapest's Liberty Square, according to a report by state news wire MTI.

General contractor Raw Development will complete the project in time to celebrate the central bank's centennial, on June 24, 2024.

MNB will operate out of its modern office building on the Buda side of the capital during the renovation.

The MNB HQ, designed by Ignác Alpár in eclectic neo-Baroque style, was built between 1902 and 1905. It has never undergone a full renovation, and its wiring, plumbing, and heating systems are outdated.

The renovation, which the MNB is paying for from retained earnings, will restore the building to its former glory, while upgrading it with energy-efficient improvements that will reduce its carbon footprint.

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