Matolcsy: Forint Weakening Not Related To Hungary Fundamentals
- 19 Dec 2014 8:00 AM
There is no special Hungarian story behind the latest weakening of the forint, the central bank’s governor György Matolcsy said. The National Bank of Hungary has no exchange rate target and is not compelled to intervene to stop the currency’s weakening, he said, adding that bank’s international reserves provided a decent buffer.
He noted that the forint rate is moving in tandem with that of the Polish currency.
Hungary has excellent economic indicators and has successfully reduced its vulnerability from foreign currency loans, he added.
He reiterated that the central bank has no exchange rate target and its only anchor is its medium-term inflation target. The forint traded at 314.266 to the euro just after 10am on the interbank forint market, weakening
Source www.hungarymatters.hu
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