" The primary objective of the MNB shall be to achieve and maintain price stability. Without prejudice to its primary objective, the MNB shall support the maintenance of the stability of the financial intermediary system, the enhancement of its resilience, its sustainable contribution to economic growth; furthermore, the MNB shall support the economic policy of the government using the instruments at its disposal. "
The Central BankManagement and control of the MNBCurriculum Vitaes of the members of the board

Curriculum Vitaes of the members of the board


Dr. Matolcsy György


Governor of the Magyar Nemzeti Bank since 4 March 2013, Mr Matolcsy holds a university degree in economics.


Date of birth:              18 July 1955 

Place of birth:             Budapest 

Nationality:                 Hungarian

Marital status:             married, father of two adult children









2013- Governor, The Central Bank of Hungary


2010–  Ministry for National Economy, minister for national economy


2007–2010 Hungarian Economic Development Institute – founder, head


2000–2002 Ministry of Economic Affairs, minister of economic affairs

Author and head of the Széchenyi Plan


1995–2000 /2002–2010 Director of Privatisation Research Institute,

then of its successor organisation, the Institute for Growth


1991–1994 European Bank for Reconstruction and Development (EBRD) – London

member of the Board of Governors of the London based European Bank for Reconstruction and Development (EBRD) for three years, as representative of the government of Hungary,

Director of the bank in 1994


1991 Privatisation Research Institute – managing director


1990 Prime Minister’s Office – political state secretary, personal economic advisor to prime minister József Antall, head of the Economic Policy Secretariat and secretary of the Economic Cabinet


1987 Financial Research Plc. (Pénzügykutató Rt.) – theoretical researcher, advisor in the field of capital markets

1985  Financial Research Institute – scientific researcher 

1978–1985 Ministry of Finance, Department of Industry



1984  University Doctorate

• Dissertation topic: Conversion of Hungarian state-owned companies into holdings, possibilities offered by the new corporate organisation concept


1972–1977: Karl Marx University of Economics

• Degree in Economics awarded by the Faculty of Industry

• Thesis topic: enterprises

1969–1973 Szilágyi Erzsébet Secondary School of Budapest – specialising in biology, Latin, chemistry

Type C intermediate level English language examination




  • Lábadozásunk évei [Years of Recovery] (1991)
  • Sokk (vagy kevés?) [Shock Therapy, or Too Little?] (1998)
  • Élő emlékeink [Our Living Memories] (2003)
  • Amerikai birodalom [American Empire] (2004)
  • Éllovasból sereghajtó [From Vanguard to Bringing Up the Rear] (2008)
  • Egyensúly és növekedés [Balance and growth] (2015)


Author of several hundred articles, studies, interviews, publications

Regular contributor to the Heti Válasz journal from the second half of the 2000s

Co-author of the Szent István economic policy plan (2007)

Co-author of the study entitled ‘Fordulat és Reform’ [Transition and Reform] (1987)


Public line and career


End of 1989: contributes to the drawing up of the future government programme upon request of the president of the Hungarian Democratic Forum 

1998: Economic advisor of Fidesz, author of the party’s economic programme 

From the end of 1998: member of the economic advisory body of prime minister Viktor Orbán 

Since 2003: member of FIDESZ Hungarian Civic Union 

2003–2007: chairman of the board of trustees of the Foundation for a Civic Hungary Union.

2006-2010: member of the national assembly delegated from Bács-Kiskun County 

2006–2010: member of the Economic and Informatics Committee of the National Assembly



2013: Barankovics Commemorative Coin award



Dr. Ferenc Gerhardt

Deputy Governor of the Magyar Nemzeti Bank and member of the Monetary Council from 22 March 2011


Dr Gerhardt completed his studies at the Faculty of Industry of the Budapest University of Eco-nomics. He has a postgraduate degree in external economics from the University. In the early part of his professional career, between 1971 and 1978, he was Secretary of the Economic Coun-cil at the Ministry of Agriculture and Food and member of the Economics Department staff. Be-tween 1979 and 1983 he was Deputy Director, Finance, of AGROBER-AGROINVEST. From 1983 until 1998 he served as Executive Director of Central European International Bank, then as Depu-ty CEO of ING Bank. As Deputy CEO at Hungarian Development Bank, he oversaw the accounting, IT and technical investment areas between 1999 and 2000. Between 2000 and 2002 he worked as CEO of Konzumbank.


Dr Gerhardt joined Hungarian Foreign Trade Bank as Adviser of the Chairman & CEO and worked in the Bank’s governing bodies and participated in the management of strategic development projects and the privatization of Konzumbank. Between 2005 and 2007 he was Director of IT, Back Office, Institutional and Public Procurement and Facilities Management at the Magyar Nemzeti Bank. He worked as Adviser of the Chairman of Allianz Hungária between 2008 and 2010. Between 2010 and 2011 he held the offices of Deputy CEO and Member of the Board of Directors of Hungarian Development Bank.


In 2011, Parliament appointed him member of the Magyar Nemzeti Bank’s Monetary Council. In 2013, the President of the Republic appointed him Deputy Governor of the Magyar Nemzeti Bank at the proposal of the Prime Minister.


Dr. László Windisch

Deputy Governor of the Magyar Nemzeti Bank from 2 October 2013; member of the Monetary Council


Dr Windisch is a lawyer. He graduated from the Faculty of Law and Political Science at the Pázmány Péter Catholic University in 2002. In 2012 he earned a postgraduate degree in law. From 2002 he worked first as a lawyer in the Central Hungarian Regional Directorate of the National Tax and Customs Administration (and the Hungarian Tax and Financial Control Administration, its legal predecessor), then as Head of Division and later as Head of Department, before taking the position of Deputy Director. From January 2011, he served as Head of Department at the Department of Tax and Customs Administration of the Ministry for National Economy, then, until his appointment to the position of Deputy Governor of the Magyar Nemzeti Bank, as Director of Fiscal Analysis at the Bank’s Executive Directorate responsible for monetary policy.


His other professional activities include: member of the Supervisory Board of the Hungarian Export-Import Bank Ltd and of the Financial Board of the Hungarian University of Fine Arts.


Dr Windisch is married and a father of one child.

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