BUDAPEST, March 1 (Xinhua) -- Hungarian President Janos Ader has appointed Gyorgy Matolcsy to another six-year term as governor of the National Bank of Hungary (MNB), according to official sources here on Friday.
The appointment enters into effect on March 4, and Matolcsy took his ceremonial oath on Friday, broadcasted by Hungarian news television HIR TV.
In Hungary, the governor of the central bank is appointed by the president, upon proposal of the prime minister, after a hearing before a parliamentary committee.
This term is the last of Matolcsy, as there is a two-term limit for the post.
Before becoming MNB governor, Matolcsy, a trusty and loyal confidant of Prime Minister Viktor Orban, had been Minister of Economy.
He is known for his so-called unorthodox, albeit effective policies, that drove the central bank's base rate to a historic low. He has also overseen a reversal in corporate lending trends supported by the MNB's Funding for Growth Scheme, and helped coordinate the conversion of retail FX mortgages into forints, reducing household debt.
