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Hungarian forint reached two historic lows against Euro
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The Hungarian currency has been losing its value for months, but it reached historic depth yesterday. In Monday morning, you could buy 1 EUR for more than 370 HUF. The currency’s weakening accelerated last week partly because of the USD’s strengthening. Yesterday we had to pay 329 HUF for 1 dollar and 441 HUF for 1 GBP. Even though it seemed on Monday afternoon that the HUF will strengthen a bit, in the evening it surrendered, and reached a new historic low: 370.2 HUF/EUR.
Hungarian forint losing its value rapidly
According to portfolio.hu, despite the Hungarian National Bank’s reference interest rise, the forint continued to lose its value even on Monday. The trend is the same in the case of the regional currencies. For example, the Polish prime minister said yesterday that they did what they could to strengthen zloty.
The reason is, the Hungarian business media outlet says, that
Joe Biden announced yesterday that they would nominate Jerome Powell to continue to lead the Fed.
As a result, the USD strengthened against the Euro and the Hungarian forint, as well. Of course, there are several other reasons like the increasing number of COVID patients in Central-Europe, or the weakening of the Turkish lira. Portfolio.hu says that these factors increase the financial risks of the region, so investors take their money away. 24.hu says that the emerging fourth wave might cause a new economic crisis in Hungary.
The forint is under attack and the current value has nothing o do with the Hungarian economy. It is all a dirty ploy to undermine the Hungarian government and help the anti-Hungarian, treasonous opposition to win the election in April.
It will not work.
Petőfi Sándor: Húzd rá, cigány, csak azért is,
Another “success story” for victorinu the beggar…. he and his clan are getting richer, hungarians are getting poorer.