Palotai Dániel Nominated for Fourth Deputy Governor Position at the Hungarian National Bank
Palotai's candidacy comes as the Hungarian National Bank restructures its leadership under new regulations.
Palotai Dániel, an economist and current member of the Board of Directors of the International Monetary Fund (IMF), has been nominated as the fourth deputy governor of the Hungarian National Bank (MNB).
This development follows an agenda proposal posted on the Economic Committee's website of the Hungarian National Assembly, which is set to convene on June 16 for Palotai's hearing.
During this session, he is also expected to be appointed as a member of the Monetary Council.
Recent amendments to the law governing the central bank now permit the MNB to have four deputy governors, an increase from the previous limit of three.
In a hearing held last year for Varga Mihály, the president of the MNB, three presidential advisors were introduced, with Kurali Zoltán being appointed as a deputy governor in April.
Virág Barnabás's term as a deputy governor is set to expire in 2026, while Kandrács Csaba’s term ends in October 2023, with Sipos-Tompa Levente reportedly in line to replace him, according to sources.
Palotai Dániel holds a degree in economics from Corvinus University of Budapest, earned in 2004. His career began at the Hungarian National Bank, followed by a position at the European Central Bank (ECB) from 2007 onward.
He has served as the Head of the Macroeconomic Directorate at the Ministry of National Economy since 2010, where he contributed to the development of structural reform programs and participated in the EU Economic Policy Committee.
Since 2013, he has been the executive director and chief economist at the MNB, and he is a member of various international committees, including the ECB's Monetary Policy Committee and the EU's Economic and Financial Committee.
Since November 2020, he has represented Hungary and the Central and Eastern Europe group at the IMF Board of Directors.
In late May, the National Bank implemented a significant workforce reduction, eliminating nearly 15% of its staff in just one day, affecting more than 260 employees.
This decision is part of cost-cutting efforts initiated by the new management under Varga Mihály.
The MNB has recently come under scrutiny due to indications that the bank mismanaged its assets during the leadership of György Matolcsy.
This development follows an agenda proposal posted on the Economic Committee's website of the Hungarian National Assembly, which is set to convene on June 16 for Palotai's hearing.
During this session, he is also expected to be appointed as a member of the Monetary Council.
Recent amendments to the law governing the central bank now permit the MNB to have four deputy governors, an increase from the previous limit of three.
In a hearing held last year for Varga Mihály, the president of the MNB, three presidential advisors were introduced, with Kurali Zoltán being appointed as a deputy governor in April.
Virág Barnabás's term as a deputy governor is set to expire in 2026, while Kandrács Csaba’s term ends in October 2023, with Sipos-Tompa Levente reportedly in line to replace him, according to sources.
Palotai Dániel holds a degree in economics from Corvinus University of Budapest, earned in 2004. His career began at the Hungarian National Bank, followed by a position at the European Central Bank (ECB) from 2007 onward.
He has served as the Head of the Macroeconomic Directorate at the Ministry of National Economy since 2010, where he contributed to the development of structural reform programs and participated in the EU Economic Policy Committee.
Since 2013, he has been the executive director and chief economist at the MNB, and he is a member of various international committees, including the ECB's Monetary Policy Committee and the EU's Economic and Financial Committee.
Since November 2020, he has represented Hungary and the Central and Eastern Europe group at the IMF Board of Directors.
In late May, the National Bank implemented a significant workforce reduction, eliminating nearly 15% of its staff in just one day, affecting more than 260 employees.
This decision is part of cost-cutting efforts initiated by the new management under Varga Mihály.
The MNB has recently come under scrutiny due to indications that the bank mismanaged its assets during the leadership of György Matolcsy.
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