HKMA said to dial down operational budget, freeze hiring in 2026

Hong Kong’s de facto central bank plans to cut its 2026 general operating costs budget by 5 percent from the 2025 figure, with headcount growth kept at zero, local media reported.

The move was described as one of the most “aggressive” cost-control measures in years amid economic uncertainties prompting both public and private institutions to streamline spending, the report said.

The Hong Kong Monetary Authority said in response that the 2026 budget is still being compiled, adding that it will continue to save costs through workflow optimization.

The draft plan will be reviewed by Financial Secretary Paul Chan Mo-po, HKMA said.

The authority’s general operating costs exclude personnel expenses such as salaries or property expenses, but mainly involve items such as office and IT equipment maintenance, according to the report.

Its 2024 annual report showed an HK$817 million budgeted amount for general operating expenses for 2025, 1.1 percent higher than the HK$808 million allotted for 2024.

The actual amount recorded for related expenses in 2024 was HK$553 million.

As of January this year, actual HKMA staff numbered 1,052.

The authority typically compiles its operational budget in July each year and plans staff employment for specific divisions at the same time, the report said, citing sources.

STAFF REPORTER