The opening ceremony of the New York representative office of the Magyar Nemzeti Bank, the central bank of Hungary took place in New York on 16 May. The event began with the opening speech of Deputy Governor, Márton Nagy following the welcome remarks of Consul General of Hungary in New York, Ferenc Kumin.

The program included presentations by the Senior Vice President of the Federal Reserve Bank of New York, B. Gerard Dages; Chief Economist of MNB, Dániel Palotai, and Director of Goldman Sachs, Kevin Daly. To the event different New York-based financial institutions, central bank representations located in New York City, the academic sphere as well as financial organizations and think tanks were invited. After Paris, Rome and Hamburg, it is the fourth representative office abroad opened by the central bank of Hungary.

The New York representative office has been officially operational since September 2017 but it has been solemnly inaugurated yesterday (16 May). One of the main objective of the office is to strengthen the Bank’s ties with the financial institutions located in the financial center of New York. The representation – currently staffed with three employees - will also focus on liaising with the Federal Reserve Bank of New York, US financial regulatory authorities, economic/financial organizations and associations based in New York and its surrounding area. Magyar Nemzeti Bank intends to broaden academic and research partnerships with high ranked American universities as well, to facilitate researcher exchange programs and specialized training opportunities to support the professional work of its staff.

Nearly 20 central banks have representative offices in New York and their community consists of 100 professionals. This central bank community has recently formed a platform for cooperation led by the Federal Reserve Bank of New York to enhance knowledge sharing on central banking related topics via conferences or round table discussions. The central bank of Hungary plans to play an active role in this community by providing experienced lecturers and panelists for these events.

(Magyar Nemzeti Bank)