Ministry of Finance

Mihály Varga

Minister of Finance

Leading news

The financing of the Euro-zone budget must not contradict the long-term interests of the European Union

Ministry of Finance, February 13, 2019 9:13 AM

The Eurozone budget must not overlap the existing (financial) instruments and (fiscal) objectives of the European Union, as doing so would exacerbate differences between the regions and jeopardize efforts aiming to bolster the common market, Minister of Finance Mihály Varga said at the latest Eurogroup meeting in inclusive format in Brussels.

International Investment Bank to transfer Headquarter to Budapest

Ministry of Finance, February 5, 2019 1:45 PM

The relocation of the headquarters of the International Investment Bank (IIB) to Budapest will further bolster the role of Hungary and Budapest as an international financial center, Minister of Finance Mihály Varga said after he had signed the related agreement with IIB Chairman of the Management Board Nikolay Kosov.

The Government supports further wage hikes

Ministry of Finance, January 24, 2019 1:57 PM

The Government is working to ensure that the 71-month upward earnings growth trend persists, Minister of State for Employment Policy and Corporate Relations Sándor Bodó said, commenting on the latest earnings data for the period January-November 2018.

The CEE region continues to be the EU’s growth engine

Ministry of Finance, January 22, 2019 10:39 PM

The growth rate of the Central and Eastern European region has been above the EU average, and thus the region may play a key role in boosting economic growth within the European Union.

International Investment Bank’s headquarters to move to Budapest this year

Ministry of Finance, January 18, 2019 10:41 AM

The Hungarian headquarters of the International Investment Bank will open in the second half of 2019, and according to plans the entire headquarters will move to Hungary within two to three years, Finance Minister Mihály Varga said after his talks with Nikolay Kosov, Chairman of the financial institution’s Board.

More and more people are choosing small taxpayers’ itemized tax

Ministry of Finance, January 16, 2019 3:08 PM

Over 315 thousand entrepreneurs have already chosen the small taxpayers’ itemized tax, the so-called KATA, which is now Hungary’s simplest and most popular form of taxation.

The general government deficit could be much lower than planned

Ministry of Finance, January 11, 2019 3:25 PM

“The Hungarian economy is performing increasingly well: In 2018, the deficit calculated according to EU methodology is expected to have been around 2 percent, instead of the planned 2.4%, and the sovereign debt to GDP ratio could have fallen even further to 71%”, Minister of Finance Mihály Varga announced.

Minimum wage to increase to HUF 149,000 next year

Ministry of Finance, December 30, 2018 3:05 PM

At the meeting of the Permanent Consultation Forum of the Competitive Sector and the Government, a two-year agreement was reached pursuant to which the minimum wage and the guaranteed wage minimum for qualified workers will increase by 8 per cent in 2019 and by another 8 per cent in 2020. The forum determined the rate of the recommended wage increase at 8 per cent for both years, Finance Minister Mihály Varga announced.

All conditions given to achieve deficit target

Ministry of Finance, December 7, 2018 2:16 PM

In spite of an economic policy built on tax cuts, continuously increasing tax revenues are resulting in the stability of the state budget. Accordingly, the implementation of various economic and social policy objectives continues to be ensured. With expected growth of well over 4 percent, the ESA deficit target of 2.4 percent of GDP can be achieved.