Socialists Demand Explanation For Weak Forint
- 14 Feb 2020 7:09 AM
- Hungary Matters
The opposition Socialists demand an explanation from the government and the central bank for the “historic low” rate of the national currency compared to the euro and an indication of future exchange rates, a party lawmaker said.
The forint is trading at 340 against the European currency, László Szakács told a press conference, adding that a weakening national currency benefits only the multinational companies.
These companies are gaining profits because it costs them less in euros to pay a forint equivalent in wages to their employees, he said. Hungarian households at the same time face increasing prices in almost all walks of life, Szakács said.
Viktor Orbán’s government has created “a tax haven” for multinational companies allowing them to pay only one-tenth of the “public burden” their employees ought to pay, he said. The Socialists call for cutting taxes on wages and ending the reduction of taxes on capital, Szakács said.
MTI Photo: Faludi Imre
XpatLoop Media Partner
LATEST NEWS IN current affairs