Forint Hits Historic Low

  • 2 Apr 2020 9:04 AM
  • Hungary Around the Clock
Forint Hits Historic Low
The forint started at Ft 362 per euro at trading on Wednesday, already a very weak position, and then went into free fall hitting Ft 369.54 against the euro, a new historic low.

The exchange rate was nearing Ft 370 per euro when the MNB intervened with a de facto indirect interest rate hike, which pulled the Hungarian currency out of free fall.

The exchange rate stood at Ft 335 per euro on March 10, only three weeks ago.

Analysts said that before the MNB intervention, there was nothing to stop the forint from falling further. Analyst Dávid Németh forecast a Ft 370 per euro exchange rate for Wednesday, and OTP expects the currency to weaken to Ft 382 per euro soon.

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