The Hungarian forint started to strengthen after markets believed non-government pollsters predicting that PM Orbán would lose power in the general election and Péter Magyar’s Tisza Party could even win a supermajority.
Forint at historic high against Euro, USD
On 12 April, Péter Magyar and his Tisza Party are widely expected to crush Orbán’s Fidesz and win 141 seats in the Hungarian National Assembly: a historic victory that would allow them to rewrite the Constitution of Hungary. Since many believe a Tisza victory would represent not just a government change but a regime change, ousting Orbán’s corrupt, Russia-friendly system, in which the Fidesz supermajority could rewrite every law and measure in a day, the Hungarian currency has continued to strengthen.
According to HVG, before the 12 April election, the EUR/HUF exchange rate was around 376; now it is well below 360. At the moment, you can buy 1 euro for only 358.35 forints. Meanwhile, the Hungarian national currency has also strengthened against the USD. At present, we only have to pay 307 forints for one US dollar.
In March 2026, the forint-euro exchange rate neared the psychological barrier of 400/EUR, while we had to pay more than 340 forints for a USD in mid-March. In January 2025, the USD was above 400 forints, while we had to pay more than 415 forints for one euro then.
Will the strengthening continue?
What is helping the Hungarian currency strengthen? According to HVG, the answer is the incoming Magyar government, which promises different economic policies, aims to introduce the euro, and is working to draw up a schedule for euro adoption. Furthermore, it plans to retrieve the almost lost EU funds by meeting all EU requirements, including re-establishing checks and balances and the rule of law in Hungary.
The last time the forint-euro exchange rate was below 360 was in February 2022, before Russia’s invasion of Ukraine.
If you missed our previous articles concerning the Hungarian forint:
Experts: Hungarian forint could strengthen significantly ahead of euro adoption
Hungarian National Bank head, appointed under Orbán, pledges cooperation with Tisza cabinet – interview
Featured image: depositphotos.com
