🇭🇺 HUF Press Releases

As part of the 2026 Article IV Consultation, the IMF held discussions with various Hungarian authorities in Budapest between 23 September and 6 October, including with the Magyar Nemzeti Bank (MNB). Upon concluding the consultations, the IMF published its preliminary findings. The IMF welcomed the MNB’s recent decision to maintain its policy rate unchanged and pause its easing cycle. The IMF also noted that the MNB’s decision to lower its inflation target from 3 percent to 2.5 percent as of 2028

Policy language: easing cycle.

Following a moderate improvement in 2025, Hungary’s external position weakened in 2026 H1. The net lending as a percentage of GDP, at 1.6 percent, significantly exceeds the typical level for the region. External debt ratios increased, partly reflecting optimism regarding the Hungarian economy, but still remain at a relatively low level. International reserves continued to substantially exceed the level of short-term external debt in mid-2026. Following a moderate improvement in 2025, Hungary’s e

“In the uncertain global economic environment, factors that enhance stability are becoming increasingly important, such as international reserves, which have reached a historic high in Hungary, in excess of EUR 56 billion,” according to MNB Governor Mihály Varga, speaking at the AIula Conference for Emerging Market Economies in Saudi Arabia. He added that international cooperation between central banks could help maintain financial stability and underlined the importance of dialogue. Varga empha

“In the uncertain economic environment, Europe must pursue a cautious macroeconomic policy, while at the same time strengthening its competitiveness by fostering innovation,” stated MNB Governor Mihály Varga at the IMF’s annual meeting. Varga underlined that Hungary’s economic outlook had improved significantly in the recent period, but that elevated energy prices and global uncertainty continued to warrant a cautious, data-driven monetary policy. Governor Varga explained that inflation was expe

“Strong, predictable regulation is not an obstacle to competitiveness, it is a prerequisite for it,” stated MNB Governor Mihály Varga in his opening speech at the Magyar Nemzeti Bank’s Financial Stability Conference. Varga stressed that financial stability created the foundation for economic growth, and consequently Europe needed innovation, unified capital markets and a speedier digital transition in order to retain its global economic position. Governor Varga pointed out that central banks mus

“The Magyar Nemzeti Bank wishes to play leading role in fostering the partnerships that help us to fully exploit the possibilities provided by our modern era,” declared MNB Governor Mihály Varga in his opening speech at the Budapest Financial Summit. He emphasised that, even though the global economy was characterised by increasing fragmentation, international cooperation between central banks helped maintain financial stability. Governor Varga pointed out that technological progress, geopolitic

“In the challenging global economic environment, stability has become more important than ever, and it can be achieved through cooperative, joint efforts in the international arena,” declared MNB Governor Mihály Varga in his opening speech at the Lámfalussy Conference. He emphasised that in this spirit the MNB’s new management had established new foundations for its operations to focus on its primary objectives, in addition to streamlining the organisation. Governor Varga pointed out that centra

The Magyar Nemzeti Bank (MNB) hosts the next seminar of its 2026 Technical Cooperation Programme in Budapest between 28 September – 1 October 2026, under the title “Innovations in the payments system - both electronic way and cash - in Hungary”. The event focuses on innovative and effective approaches to central bank activities, supervision, and regulation related to both electronic payment methods and cash. The programme brings together 28 experts from 21 countries. In his welcome address, Gábo

“The performance of the Hungarian stock market set a number of new records in 2025, which says a great deal about the state of the Hungarian economy,” according to MNB Governor Mihály Varga, speaking at the start-of-the-year press conference held at the Budapest Stock Exchange. He added that last year was also a period of rebuilding and rationalising under the MNB’s new leadership and that the primary goal this year was to continue strengthening stability. MNB Governor Varga highlighted that, de

“The MNB’s new management believes that art belongs in museums, not offices or storage facilities. Therefore, the MNB’s art collection will be returned to its natural environment: museums,” according to MNB Governor Mihály Varga, speaking at the press conference on the transfer of the MNB’s art collection. The MNB is lending its collection of 1,422 contemporary works of art to a total of 30 museums throughout Hungary. MNB Governor Varga pointed out that without an audience works of art could not

“Monitoring the economic situation and companies’ expectations is critically important to the Hungarian central bank and the Hungarian Chamber of Commerce and Industry,” according to MNB Governor Mihály Varga, speaking at the press conference presenting the results of the MNB-MKIK Business Survey. He explained that the survey, conducted using a new methodology, provided a more direct and accurate picture of the situation and prospects of companies than previously. Governor Varga recalled that on

The MNB has left unchanged the 1 percent level of the Countercyclical Capital Buffer (CCyB) rate, along with the 1-1 percent rates of the sectoral Systemic Risk Buffers applied in relation with residential and commercial real estate market risks. The MNB strengthens banks’ resilience against cyclical and real estate market shocks in a targeted manner with the decision without materially hindering bank lending capacity . The cyclical systemic risk map (CSRM) monitored by the MNB and the cyclical

The MNB left unchanged the 1 percent level of the Countercyclical Capital Buffer (CCyB) rate from 1 July 2027. The capital requirement along with the sectoral Systemic Risk Buffer applied in relation with real estate market risks strengthens the strong shock absorbing capacity of banks without hindering bank lending capacity . The cyclical systemic risk map (CSRM) monitored by the MNB and the cyclical systemic risk index (CSRI) summarising its main indicators overall indicate a low, neutral leve

“In a European and global economic environment fraught with uncertainty, it has become more important than ever for central banks to ensure predictability and stability,” according to MNB Governor Mihály Varga, in attendance at the informal ECOFIN meeting. He stressed that cooperation between independent central banks formed an important basis for European financial stability and explained that the Magyar Nemzeti Bank had also organised its own operations in this spirit. Varga highlighted that t

In line with its September announcement, the MNB has finalized the conditions for the application of the sectoral systemic risk buffer (SyRB) mitigating systemic risks in the real estate market, as well as the related data reporting. The requirement, valid from 1 January 2026, increases the shock absorbing capacity, but given the robust capital position and outstanding profitability of the banking system, it will not significantly affect the ample lending capacity of banks. The remaining free ca

Hungarian households’ net financial savings as a percentage of GDP stood at 4.6 percent in 2025, which continues to exceed the averages of regional and EU countries. Households’ net financial wealth continued to grow over the course of last year, reaching 117 percent of GDP by year-end. To ensure sustainable growth, it is particularly important that savings remain at a consistently high level in the future. Households’ net financial savings as a percentage of GDP moderated to 4.6 percent in 2025