New MNB vice governor and Monetary Council member proposed by PM Orbán

HUNGARY - In Brief 11 Apr 2025 by Istvan Racz

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Parliament's economic committee is scheduled to hear Mr. Zoltán Kurali (left on the picture below, standing next to governor Varga) on Tuesday next week. Mr. Kurali has been nominated by PM Orbán for the position of vice governor in the MNB. At present, the MNB has three vice governors: Barnabás Virág (monetary policy), Csaba Kandrács (financial supervision) and Mihály Patai (everything else). All three are also members of the Monetary Council. Mr. Patai's 6-year term will end on April 21, both as vice governor and as a member of the Council. Mr. Kurali, the former head of the government's debt management agency, is supposed to step in his place from April 22. The unconfirmed in-house rumour is that Mr. Kurali will take over Mr. Virág's current position, whereas Mr. Virág will take over Mr. Patai's responsibilities as vice governor, also remaining a member of the Monetary Council. Mr. Kurali is widely regarded as a member of Governor Varga's intended core management team. He was already presented to parliament's economic committee in December, as one of the three people who accompanied Mr. Varga at the latter's parliamentary hearing before being appointed as the governor of the MNB. His nomination by PM Orbán, most certainly proposed by Mr. Varga, represents no surprise at all.