HKMA to Cut Costs, Freeze Hiring as City Battles Deficit, Report Says

Hong Kong’s de-facto central bank is planning to cut costs next year, according to a local news report, as the city takes steps to reduce its fiscal deficit.

The Hong Kong Monetary Authority plans to cut 5% of its general operating costs in 2026 on the basis of this year’s budget, and will also make no new extra headcount, Hong Kong Economic Journal reported, citing unidentified sources.