Hungarian forint among the world’s worst-performing currencies

The Hungarian forint reached historic lows against the USD, the EUR and the Swiss franc in the last few days. The reason of the bad performance is probably the National Bank of Hungary, which did not raise the base rate this week as experts expected. In one feature, the forint is one of the worst-performing currencies in the world, preceded even by the Mexican peso or the Polish zloty.

In the first nine months of 2022, the Hungarian forint weakened the most against the US dollar among the world’s currencies, Portfolio reported. You may find the relevant chart explaining the situation in their article. Interestingly, the Russian ruble strengthened against the US currency. However, that does not reflect its market value since trade is no longer free with the Russian currency because of the Western economic sanctions and the Kremlin’s tightened capital control.

According to Portfolio’s chart, the only currencies that performed against the dollar worse than the forint were the Ukrainian hryvnia, the Argentinian peso and the Turkish lira.