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President János Áder administered the oath of office to György Matolcsy, the new governor of the National Bank of Hungary, on Wednesday. Matolcsy replaces András Simor, whose six-year mandate expired on March 2. Matolcsy's nomination was announced by Prime Minister Viktor Orbán on Friday. He ceased to be Hungary's economy minister on Sunday. Ádám Balog, the MNB's new deputy-governor, also took his oath on Wednesday. The appointments of Balog, as well as of a new external rate-setter, Gyula Pleschinger, raises the number of members of the MNB's Monetary Council from seven to nine.