HKMA Reportedly in Cost-Cutting Mode
Hong Kong’s de facto central bank is reportedly cutting costs and freezing hiring amid a weak economy in the city.
The Hong Kong Monetary Authority (HKMA) is planning to cut 5 percent of operating costs in 2026 and will add no new headcount, according to a report by local media outlet «Hong Kong Economic Journal» citing unnamed sources.
«The HKMA has always adhered to strict fiscal discipline in formulating expenditure budgets and staffing arrangements, taking into account the needs of continuous operation and strategic development,» said a spokesperson for the city’s de facto central bank and banking regulator.
The HKMA joins other regulators in tightening cost controls, such as the Securities and Futures Commission (SFC), which froze salary increases due to a «challenging fiscal environment». According to Financial Secretary Paul Chan, the Hong Kong government is estimated to return to an operating account surplus in 2026-2027.
