Hungarian National Bank Governor to initiate abolition of bank's foundation with government 😔

Hungarian National Bank Governor Mihály Varga announced consultations with the government to amend the central bank's competences, focusing on core tasks and abolishing asset management foundations. Following a negative credit rating outlook from Standard and Poor’s, Varga emphasized the need for sustainable growth. The MNB scandal involves scrutiny of foundation management, with reports highlighting significant losses. Activists in Kecskemét protested over missing funds related to a local university's foundation linked to the MNB.