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Matolcsy confirmed MNB governor for second term

As expected, Hungarian President János Áder has appointed György Matolcsy to another six-year term as governor of the National Bank of Hungary (MNB), the Office of the President said on Thursday. Matolcsyʼs appointment is effective from March 4, 2019.   

The MNB governor is appointed by the president of Hungary based on the proposal of the prime minister, after a hearing before a parliamentary committee. Matolcsy will take a ceremonial oath this Friday, March 1.

There is a two-term limit for the post. His current six-year mandate as MNB governor ends on March 3.

Under the watch of Matolcsy, a former economy minister whose hallmark is unorthodox, albeit effective, policy, the central bank base rate has been brought to a historic low, noted state news agency MTI.

The incumbent has also overseen a reversal in corporate lending trends supported by the MNBʼs Funding for Growth Scheme, and helped coordinate the conversion of retail FX mortgages into forints, reducing household debt by some HUF 1 trillion, MTI added.