György Matolcsy to take over as central bank governor

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Economy Minister György Matolcsy will be Hungary’s next central bank governor, Prime Minister Viktor Orbán announced in his regular interview with public radio Kossuth Rádió.
Orbán confirmed earlier leaked expectations based on leaked reports, citing his experience in governance and also his performance as economy minister which reduced the country’s public debt and kept the budget deficit in check.
Initial reports of Matolcsy’s potential appointment led to the weakening of Hungarian assets seeing his track record of unpredictable policy making as well as his full loyalty to the Fidesz government, which raised concerns about central bank independence.
Matolcsy’s position as economy ministerial post will be assumed by current senior IMF negotiator Mihály Varga. The new central bank governor will have his hearing in front of a parliamentary committee later Friday. Governor András Simor’s six-year term officially ends on March 3.

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