Hungary's New Central Bank Chief Says Disciplined Policy Needed
(Bloomberg) -- Returning Hungary's inflation rate to target in a sustainable way is the key goal for the nation's central bank, its new chief said in his first public remarks.
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The central bank has to focus on ensuring price stability, as well as the stability of financial markets, Governor Mihaly Varga said at an event in Budapest on Saturday, days after starting a six-year term.
'Some, mainly external macroeconomic risks have increased in the past period, and that has to be managed via a disciplined and patient monetary policy,' said Varga, a former finance minister.
Hungary's annual inflation surged to 5.5% in January, well above the central bank's target rate of 3%, which has a one-percentage-point tolerance band in either direction. The central bank is holding its benchmark rate at 6.5% since September.
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