The building of the NBH in Budapest – Photo: wikimedia

Matolcsy calls for programme to boost competitiveness

The central bank is proposing a two-year "competitiveness programme" to restore the economy's "dramatically deteriorated" balance, governor Gyorgy Matolcsy told a conference on Thursday.

Matolcsy said the new government would need to “find a formula for success” in a “decade of strong challenges”. He said the budget balance had toppled and the deficit was rising, which, aggravated by high inflation, could cause the country to “lose the next years” and compromise efforts aimed at closing the gap with other countries.

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