Mihály Varga, the new governor of the National Bank of Hungary (NBH), signed a banknote issued by the central bank for the first time on Wednesday.

According to MTI, Varga said Hungarian banknotes combined progress with tradition and stability, while adopting all of the latest cash technologies.

He added that NBH banknotes were a sign of the central bank's independent monetary policy as well as its contract with economic actors.

Varga said he would follow the principles of stability, independence and transparency in his new position. He added that the central bank would continue a disciplined and consistent monetary policy, supporting the sustainable growth of the Hungarian economy and strengthening the stability of the financial system.

Under his leadership, Varga pledged the NBH would closely track every trend and risk, while delivering firm responses if those put the central bank's targets at risk.

Varga noted that the law ensured the NBH's independence, but said that didn't imply isolation. He added that the NBH would cooperate with the government and financial institutions, in line with international practices and respecting the scope of responsibilities.

Varga said the NBH's main focus would be on "classic" central bank tasks contained in its legal mandate. He added that the NBH would scale back other activities, highlighting the importance of disciplined management and transparent operation.

The NBH is "no ivory tower", he said, adding that the central bank's analyses served the implementation of its programmes which supported policies strengthening confidence in the Hungarian financial system.

Establishing a predictable investment environment is a key goal, he said, adding that price stability supporting the achievement of economic targets was in reach and could be sustained in the long term.