Hungarian forint has been hammered again: HUF has hit a new historic low! – UPDATE
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The Hungarian forint started Tuesday with a sharp weakening against the leading currencies.
On Tuesday morning, the euro was up slightly to 405.37 forints at half-past 9, reaching a new all-time high, according to Portfolio. Shortly before, it was at 404.87 forints, while in the morning it started from around 402 forints.
The dollar also hit a new historic low of 388.2 forints to dollar, also around half-past 9.
Underperforming the forint
The Czech koruna is flat today, the Polish zloty is down 0.25% and the forint has weakened 0.6% against the euro. In other words, the trend of the past weeks continues: the forint is persistently underperforming regional currencies.
As we wrote earlier, the Hungarian Central Bank’s interest rate hike last week, the simplification of the monetary policy toolkit, and the tight tone (further rate hikes) only temporarily strengthened the forint, we are back above the 400 level and the domestic currency has reached new lows.
Investors continue to be concerned about uncertainties surrounding Hungarian economic policy (EU dispute over EU funds, special taxes imposed, decree governance), which is also putting pressure on the forint exchange rate.
From what-ever – “Station in Life” – we occupy – in the population of Hungary – say 9.6 million and decreasing, the continual downward weight – in the devaluation – its WORTH – against – ALL other Major Currencies of Europe & Globally of the FORINT is – RUINOUS.
Citizens – orderly questions of penertration – need DIRECT addressing to this present dictatorial led and directed Government, under the Prime Minister of Hungary – Victor Orban – what are YOU doing to ARREST – this RUINOUS situation ???
Democracy – is DIALOGUE.
There is NO place – for dictatorialship styled Political ideas & philosophy – in DEMOCRACY.
The on-going CONTINUATION or support of the Fidesz – DNA voters – to the “Black” and deeping hole we are decending into as a country – Deplorable.
Democracy – gives citizens the RIGHT to have a VOICE – an ORDERLY voice.
Citizens of Hungary – thought about in these WORSENING times – and what is to COME – in an orderly processed way – using your VOICE – that DEMOCRACY – supports your RIGHT.
The forint is going to be the new Turkish Lira. Worthless!