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Hungaryʼs central bank opens office in New York

The opening ceremony of a new representative office of the National Bank of Hungary (MNB) took place in New York on Wednesday, May 16, according to an announcement on the central bankʼs website. After Paris, Rome and Hamburg, it is the fourth such office opened by the MNB abroad.

The event began with an opening speech by MNB Deputy Governor Márton Nagy, following by welcoming remarks from Ferenc Kumin, Consul General of Hungary in New York.

The program also included presentations by B. Gerard Dages, Senior Vice President of the Federal Reserve Bank of New York, the MNBʼs Chief Economist Dániel Palotai, and Kevin Daly, Managing Director of Goldman Sachs.

The office will focus on liaising with the Federal Reserve Bank of New York, U.S. financial regulatory authorities, and economic and financial organizations based in New York and the surrounding area, the MNB said. 

Hungaryʼs central bank also intends to broaden academic and research partnerships with high-ranking American universities to facilitate researcher exchange programs and specialized training opportunities to support the professional work of its staff.

Almost 20 central banks have representative offices in New York with a combined staff of about 100. This community of central banks has recently formed a platform for cooperation, led by the Federal Reserve Bank of New York, to enhance knowledge sharing on central bank-related topics through conferences and round table talks. The announcement said the MNB plans to play an active role in this community by participating at such events.