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Opposition: Hungarian forint is the world’s worst-performing currencyOpposition: Hungarian forint is the world’s worst-performing currencyOpposition: Hungarian forint is the world’s worst-performing currencyOpposition: Hungarian forint is the world’s worst-performing currency
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DNH 2021 DNH 2021 · 08/07/2022
· Politics

Opposition: Hungarian forint is the world’s worst-performing currency

Opposition parties on Thursday slammed the government, saying it was responsible for the economic and cost of living crisis and the weak forint.

In response to a press conference of Gergely Gulyás, the prime minister’s chief of staff, Socialist Zoltán Vajda told an online press conference that to restore trust in Hungary’s economic policy and stop the “freefall of the forint rate”, the government should “discontinue the war against Brussels”, introduce a comprehensive anti-corruption package and join the European Public Prosecutor’s Office (EPPO).

Further, the government should introduce the global minimum corporate tax and work to introduce the euro in the country, he said. Welfare spending should be increased to replace “propaganda expenditures”, he said. Vajda, who also heads parliament’s budgetary committee, called on the government to “stop ripping off Hungarians and having them pay for inflation and the weak forint”.

  • Read also: Breaking: EUR/HUF 410, USD/HUF 400, new historical lows – UPDATE

Democratic Coalition (DK) spokesman Balázs Barkóczi said the forint had become the worst-performing currency in the world “and it is the Hungarian people and families who will pay the price”. He told an online press conference that

the forint exchange rate against the euro had been near 417 on Wednesday.

Other regional currencies including the Polish zloty, the Czech crown and the Romanian leu are “way ahead” and even the Ukrainian hryvnia performs better, he added.

  • Read also: Trend change? Hungarian real estate prices are falling

He said the Orbán regime’s past twelve years had brought about a weakening of the forint, with its “multi-friendly economic policy”, corruption and Hungary’s growing indebtedness.

Even if the central bank raises the base rate, public debt still remains high and Hungary will not receive “EU funds suspended as a consequence of government corruption,” he added.

Barkóczi

blamed Prime Minister Viktor Orbán for the “collapse of the forint”,

adding that he was not a solution but the problem itself.

Source: MTI

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2 Comments

  1. Consideration : says:
    08/07/2022 at 12:55

    Merit in this article.
    Won’t – give “Praise & Glory” to the “provider” of this RIGHTFUL advise.
    He had his chance – had his time, and in the INTEREST of all Hungarians – should retire from Political life.
    Decades have changed.
    Hungary has changed as has Europe & the World – changed, adjusting to post February 2020 and the Russian War on the Ukraine.
    Change – another 2 – 5 years – this turbulence globally will in all probability exist.
    Hungary – merit in this article – the advice – it provides RIGHTFUL advice.

  2. Dari says:
    09/07/2022 at 02:42

    Yes, WHY is the Orban Government against the introduction of a comprehensive anti-corruption package and joining the EPPO?

    Nothing to do with the exchange rate of the HUF, but I couldn’t help but notice just how (very, very) much media attention Gergely Gulyas is getting, and I mean internationally is well. Is he being groomed to take over V.O.’s role when the said person decides to retire?

    I also get a feeling that there is a “tussle” for media attention between G.G. and FM P.Sz. Or, are certain media outlets just giving G.G. more “air time”, and others are giving more voice to FM P.Sz?

    Am I the only one who feels that that seems to be the case?

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