Hungary’s forint broke an important exchange rate milestone!

Unfortunately, 2022 was not the year of the Hungarian forint. At some point, 1 EUR cost more than HUF 430, creating a big hole in the country’s national budget due to the soaring energy prices, for which Budapest has to pay in hard foreign currency (mainly USD and EUR). However, it seems that the exchange rate will calm down by the end of the year.

Yesterday was one of the glorious days of the Hungarian forint, index.hu wrote. Hungary’s national currency got stronger both against the euro and the dollar.

At 7 PM, the exchange rate of the euro went below 400. The lowest price of 1 EUR yesterday was HUF 399.15. Furthermore, the forint strengthened against the dollar even more. The day-end exchange rate was 374.64 instead of the early morning 377.83/USD. The trend was the same in the case of the Swiss franc, too.

Economists agree that 2023 might mark a trend turn regarding the strength of the Hungarian national currency. The first half of the year will be difficult. But in the second half, even a permanent 380 HUF/EUR rate is imaginable.

Source: index.hu