The building of the NBH in Budapest – Photo: wikimedia

Central bank: Hungarian banking system ‘stable, resilient’

Hungary's banking system is "stable and resilient" in the face of challenges amid the current crisis, a top central bank official said on Tuesday.

Commenting on the bank’s annual macro-prudential report, Tamas Nagy, the National Bank of Hungary’s director, said its macro-prudential framework had helped the banking system to stably continue its financing role in the face of the war in Ukraine and the European energy crisis. Furthermore, it had done so on the heels of the economic shock caused by the corona epidemic, he added.

Still, a strained growth outlook and financial stability risks require close monitoring, Nagy warned.

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