Speaking before the parliament’s economy committee, Varga said the direction is good, but both domestic and global developments warn that caution must continue, with particular attention to factors influencing inflation.
He said that in June the MNB’s board approved a revised financial plan for 2025, reducing operating costs by 10%, while the focus on core business and the reduction of other activities led to a 15% reduction in the number of employees.
He noted that they also began reviewing the operation of central bank foundations without delay and mentioned that they have filed a criminal complaint in connection with the renovation of the MNB’s headquarters.
Varga said over the past six months the central bank’s management has moved forward with the clear goals it set out in advance and the same is planned for the future in order to ensure price stability, curb inflation, and ensure the sustainable development of the Hungarian economy.
Concerning the MNB’s report for 2024, Varga said that for the Hungarian economy, 2024 was the year of bringing down inflation, as it was significantly reduced compared to 2023, and was within the tolerance band of the central bank for most of the year.
The committee voted to adopt a draft resolution on the MNB’s report for 2024 with 12 votes in favour, 4 against, and 1 abstention.
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