Forint Plumbs New Lows Against Euro
- 4 Oct 2022 7:19 AM
- Hungary Matters
The forint traded at 427.26 against the dollar around 5:30, firming from 430.48 late Friday.
It strengthened to 430.65 from 438.71 to the Swiss franc.
The forint traded at 427.26 against the dollar around 5:30, firming from 430.48 late Friday.
It strengthened to 430.65 from 438.71 to the Swiss franc.
National Bank of Hungary (NBH) governor Mihaly Varga highlighted the need for a "successful" rather than "speedy" adoption of the euro at an annual meeting of economists in Eger (NE Hungary).
The Monetary Council of the National Bank of Hungary (NBH) decided to cut the central bank base rate by 25bp to 5.50pc at a monthly policy meeting on Tuesday.
Meeting the Maastricht criteria for adopting the euro would benefit the whole Hungarian economy, Peter Beno Banai, a deputy governor at the National Bank of Hungary (NBH), said in the central bank's latest podcast.
The name of Hungary's official currency was born in the aftermath of one of history's most devastating episodes of hyperinflation.
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