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Renovation of Landmark Central Bank HQ Proceeds on Schedule

Analysis

Image by posztos / Shutterstock.com

The renovation of the landmark headquarters of the National Bank of Hungary (MNB) on Budapest's Szabadság tér is proceeding on schedule, the central bank and financial market watchdog said on Tuesday, according to a report by state news wire MTI.

MNB said the cost of renovating the century-old building was expected to climb close to 50% because of inflation, the tight labor market, and "drastic" increases in raw material prices.

"With the planned additional expenditure, MNB can ensure the fulfillment of the necessary technical and construction conditions in the contract," it added.

MNB had said the project would cost HUF 54 bln when it was launched in the spring of 2021.

The central bank is operating at its modern office properties on the Buda side of the capital during the renovation.

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