Finance Minister Mihaly Varga – Photo: Facebook

Varga: Government respects central bank independence

The government's goal is to strengthen the National Bank of Hungary's transparency and ensure its frugal operation while respecting the central bank's independence, Finance Minister Mihaly Varga said on Facebook on Thursday.

To achieve this, the Finance Ministry, in consultation with the European Central Bank, is considering extending the powers of the central bank’s supervisory board over activities external to the bank’s core tasks.

The proposal confirmed by the ECB would extend the supervisory board’s powers to cover other central bank activities, such as approving economic decisions above a certain value threshold as well as tightening the obligation to provide information and reports, Varga said.

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