The Hungarian National Bank (MNB) is committed to strengthening the country’s stability, which will be aided in the long term by raising financial awareness, stated National Bank Governor Mihály Varga on Wednesday at the BGSZC Keleti Károly Technical College, where he gave a presentation to high school students as part of a series of events called Pénz7.
Mihály Varga explained that strengthening the country’s stability is of strategic importance at the present time, which is a priority objective for the Hungarian National Bank. This work is reflected, among other things, in a stronger exchange rate, unprecedented levels of reserves and lower inflation, the central bank governor pointed out.
Mihály Varga emphasized that, from the perspective of businesses, the Hungarian economy has significant reserves for increasing efficiency, and that strengthening financial awareness is essential for exploiting these reserves.
The central bank governor pointed out that, from the perspective of families, it is equally important to develop savings habits. Last year, the financial assets of Hungarian households reached a new high, exceeding HUF 118,000 billion (EUR 302.6 billion) The cash holdings and savings in non-term bank accounts of Hungarian households together amount to nearly HUF 25,000 billion (EUR 64.1 billion).
With appropriate investments, these resources could further increase families’ savings and the performance of the economy, and raising financial awareness could play a key role in this process, said Mihály Varga.
The central bank governor emphasized that more conscious financial decisions and prudent management of savings contribute to the development and stability of the entire national economy at the national level.
Via MTI; Featured photo: Facebook/Varga Mihály
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