Varga is attending the Spring Meeting of the IMF in Washington. In the current uncertain global climate, it is encouraging that the fundamentals of the Hungarian economy are strong and our balance indicators have improved compared to previous years, he said.
He pointed out that the global financial market sentiment was uncertain and highly exposed to rapidly changing news related to trade policy tensions. If the high tariffs remain in place for a long time, Varga said, that could significantly set back global economic growth.
For Hungary’s risk assessment, it is encouraging that the current account surplus continued to increase in 2024, and the inflation rate started falling again in March, he noted.
Inflation is likely to continue to decline in the coming months, he added, adding that it was in the interest of the Hungarian economy to maintain its financial stability despite the uncertain external environment and to sustainably bring down inflation close to the central bank target. This will continue to warrant disciplined and patient monetary policy, the central bank governor said.
During his official trip, Varga also attended bilateral talks with the governor of Kazakhstan’s central bank, the deputy managing director of the IMF and her team of experts on Hungary as well as Hungary’s Ambassador in the U.S. Szabolcs Takács.
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