Hungary's former central bank governor György Matolcsy was detained on Wednesday on suspicion of economic fraud causing substantial losses and of using forged documents, Balkan Insight reports. Under his leadership, the Hungarian National Bank spent heavily on refurbishments and set up foundations that put money into questionable investments, some of which appeared to benefit relatives and associates.
Several hundred billion forints are alleged to have been diverted or lost, with media estimates putting the total at 400 to 500 billion forints, roughly €1bn to €1.4bn. Matolcsy, once Viktor Orbán's leading economic adviser, ran the bank from 2013 to 2025.
Balkan Insight says the detention suggests the new government and prosecutors are serious about holding senior figures from the previous administration to account. The government has also presented its first draft budget, aiming to cut the deficit from 7% to 4.9% of GDP next year.
Source: Balkan Insight
