MNB vice governor Márton Nagy has resigned

HUNGARY - In Brief 28 May 2020 by Istvan Racz
The local media has just reported this, referring to a statement from the MNB, which cannot be seen on the Bank's website at the moment. According to the report, Mr. Nagy has resigned with effect today, in view of 'another important managerial position', which he is supposed to take over. The MNB has reportedly said that Mr. Nagy's position will be taken over temporarily by Barnabás Virág, the Bank's execute director responsible for monetary policy and research.So far there has been no indication from any source on what other position and where Mr. Nagy could take over. Honestly, we do not see what other position could be more important under the current critical circumstances than the one Mr. Nagy has been holding so far.It is difficult to tell at this moment what policy implication this event may have if any. At any rate, Mr. Nagy played a rather central role in shaping and representing MNB policy at recent times, so the immediate consequence of his resignation can be more market volatility until more clarification is provided by the MNB (or the MNB and the government together).

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