Péter Vályi was a Hungarian

Hungary

Hungary , officially the Republic of Hungary , is a landlocked country in Central Europe. It is situated in the Carpathian Basin and is bordered by Slovakia to the north, Ukraine and Romania to the east, Serbia and Croatia to the south, Slovenia to the southwest and Austria to the west. The...

 politician, who served as Minister of Finance between 1967 and 1971. He worked as a chemical engineer

Chemical engineer

In the field of engineering, a chemical engineer is the profession in which one works principally in the chemical industry to convert basic raw materials into a variety of products, and deals with the design and operation of plants and equipment to perform such work...

. He was arrested in 1945 because of his communist activities. He joined to the Hungarian Communist Party

Hungarian Communist Party

The Communist Party of Hungary , renamed Hungarian Communist Party in 1945, was founded on November 24, 1918, and was in power in Hungary briefly from March to August 1919 under Béla Kun and the Hungarian Soviet Republic. The communist government was overthrown by the Romanian Army and driven...

 in this same year. From 1948 he worked for the National Planning Board. From May 1971 he served as deputy chairman of the Council of Ministers (Deputy Prime Minister). Vályi expounded considerable economy engineering working class in connection with the reform of the economic mechanism. He was member of the MSZMP's Central Committee from November 1970.