• Home
• Channel: Finance
• HUF Becomes Europe’s Fifth Weakest Currency

HUF Becomes Europe’s Fifth Weakest Currency

• 7 Sep 2020 8:59 AM
• Hungary Around the Clock

The forint is the fifth worst-performing European currency so far this year as it has weakened by some 8.5%, Portfolio reports.

The Hungarian currency slid to 361.5 against the euro on Friday before ending the day above 360.

Turkey, which is facing a currency crisis and Belarus saw their currencies depreciate by some 32% this year.

The forint has been the markedly weakest currency in the region this year, when the Polish zloty has fallen 4.6% and the Czech koruna by 3.9%.

Reasons for the sell-off cited by Portfolio include the central bank’s loose monetary policy and the severe economic downturn in the second quarter.

Investors also fear that the recent surge in new Covid-19 cases will further hit the economy, which points to a persistently loose monetary and fiscal policy.

The exchange rate of 360 is seen as crucial because the next technical level for the forint is its all-time low of 371.


MTI Photo

• How does this content make you feel?
• I love it
• I like it
• I dislike it

• Forint Currency

XpatLoop Media Partner

Hungary Around the Clock

Since 1995 Hungary Around the Clock has proven to be one of the most comprehensive sources of daily English-language news about Hungary. It covers ongoing domestic politics and foreign relations, as well as business and economic matters. For a free trial of HATC visit www.hatc.hu and click on 'Free Trial Subscription’.

Explore More Reports

Hungarian Forint Weakened Against Euro Hitting Lowest Point in 12 Month

• 5 Mar 2024 5:41 AM

The forint weakened at one point to 396.80 per euro yesterday, hitting a 12-month low not seen since March of last year.



Hungarian Forint at Strongest Level in Months

• 11 Nov 2023 9:21 AM

The forint strengthened to 377.6 per euro on Thursday, its strongest level in more than three months, Portfolio observes.



Latest About When Hungary Will Adopt Euro

• 28 Aug 2023 9:57 AM

It is premature to talk about Hungary adopting the euro, Mihály Varga, the finance minister, said at the Tranzit festival in Tihany, in western Hungary.



Major Bank in Hungary Now Offers Free Currency Conversion Between Accounts

• 5 Jul 2023 8:47 AM

Erste Bank is offering commission-free foreign-currency conversion between bank accounts at the rates of the interbank market from July 1, the bank announced.