Finance minister Mihály Varga is now officially nominated for central bank governor

HUNGARY - In Brief 29 Nov 2024 by Istvan Racz
PM Orbán, the person having the right to nominate the next governor of the MNB, named Mr. Varga as his candidate this morning. Mr. Varga is 59 years old, and as he has just said, he spent 4800 days as finance minister (occasionally as economy and finance minister). His appointment for the post is to be approved by parliament, which appears to be only a formal requirement. The incumbent governor Mr. Matolcsy's 6-year office term is set to end on March 3, 2025. In our view, Mr. Varga is, no doubt, a seasoned professional in macro finances, despite not having any personal experience in central banking. He is much less impulsive, unorthodox and adventurous than Mr. Matolcsy, and he appears to be very presentable as a central bank governor internationally. However, he is known to have been very loyal to Mr. Orbán at all times. This news should have no market impact. Essentially, everyone has been pretty much completely sure for several months that Mr. Varga would be selected to head the MNB. The other half of the same story is that Mr. Orbán is widely expected to merge the economy and finance ministries under Mr. Márton Nagy, the current economy minister.

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