Hungary’s Forint Sharply Down On Interbank Market
- 30 Jul 2014 9:00 AM
The forint was trading at 310.79 to the euro late Tuesday on the interbank forex market, down from 308.98 late Monday. At 308.96 to the euro early Tuesday, the forint moved between 308.77 and 311.31, a ten-day low. The Hungarian currency sank back to levels before the decision of the National Bank of Hungary (NBH) a week ago to stop its easing cycle.
Central European currencies generally weakened on Tuesday on concern that wider economic sanctions against Russia will hurt the region’s companies and economies.
Measures being considered in EUlevel talks on Tuesday include targeting capital markets, defence and sensitive technology.
The forint is especially vulnerable because the latest debtor relief programme of the government is expected to hit hard Hungary’s financial system.
Source www.hungarymatters.hu
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