Forint weakens again because of Visegrád Four bad news
The forint is among the most volatile national currencies of the world. Therefore, even some minor bad news coming from Brussels or other international organisations can toss it down a slope. That is what happened yesterday, and the effects are still palpable today.
According to napi.hu, the currency exchange rate of the forint started to plunge yesterday. Euro price jumped to 414, and we had to pay more than HUF 400 for the dollar. That is because the Czechs and the Poles announced they would boycott the next scheduled V4 (Visegrád Four) meeting. Furthermore, because of the Ukraine aid, it might happen that the EU will probably not be able to decide about the EUR billions Hungary is entitled to but rejected to get due to corruption allegations on 22 November.
On Friday morning, the euro is still above the 410 threshold, while the dollar is almost 400 again.
Read alsoMissile attack against Poland sent the Hungarian forint plummeting again
House Speaker expresses regret over cancellation of V4 speakers’ meeting in Bratislava
Speaker of Parliament László Kövér on Thursday expressed regret over the cancellation of the Visegrád Group meeting of speakers in Bratislava next week, the parliament’s press office said. “In the past 30 years, regional cooperation by the four countries have helped bridge ideological differences, and we successfully represented our common interests together,” he said.
“Remarks by the Czech parliamentary speaker are untrue and disrespectful; they contravene the facts and question the Hungarian government’s right to pursue policies along the lines of Hungarian national interests,” the statement added. Kövér’s Czech counterpart said yesterday that Hungary was a Trojan horse of Russia in the European Union.
Read also“Hungarians are Trojan horses of the Russians” – Czechs and Poles boycott V4 meeting
Source: MTI, napi.hu
Not to worry, Mr. Kövér! As Mr. Orbán reminded us earlier in the week: „Hungary now has more friends and allies than ever before. The kind of government in potential partner countries determines the opportunities for cooperation with Hungary’s Christian nationalist government … The latest political developments have made that easier”.
Seriously, though, earlier observations re the V4 seem like a lifetime ago. In a nutshell, our Politicians have demolished 30 years of building trust and cooperation in less than a year.
https://magyarnemzet.hu/velemeny/2021/02/orban-viktor-betolteni-a-hivatasunkat
Hungary – its CREDITABILITY – bought on by this Orban led “Dictatorial Government, that through the DISASTERS – the place they have led us as a country – Economically & Financially – there will be NO stabilisation of the forint – nor of our ECONOMY, to a level, that represents an Economic & Financial position – immediate, short-term and into the Future – outlook for Hungary that is – SUSTAINABLE.
The CORE componentry of the Hungarian economy is SOFT, highly vulnerable, and the “Flippancy” in its behaviour – its volatility is representative of an Economy, that has greater trend on the downside – than STABLELISZATION or Stability.
What is going to STABLELIZE the Hungarian Economy?