Hungarian forint broke new psychological barrier!

The Hungarian forint gained new momentum this morning and broke a psychological barrier again. Experts already talk about the possibility of a HUF 350/EUR exchange rate occurring soon.

According to portfolio.hu, the Hungarian forint showed an astonishing strengthening this morning, and its official exchange rate fell below HUF 380/EUR. Currently, it stands at 377.5. That is a 0.3 percent strengthening only today, which is a miracle considering the downfall of the national currency in the previous few months.

Experts agree that the high Hungarian base interest rate helps the forint. Barnabás Virág, the Deputy Director of the Hungarian National Bank, highlighted this week again that they did aim to go below that. The global financial climate is beneficial for Hungary, so the strengthening of the forint may continue, the Hungarian economic news website argued. The exchange rate of the USD stands at 353.8, while in the case of the GBP, that is 427.8.

• Read our longer analysis of the issue: Forint could face a big recovery, breaks records

Source: portfolio.hu