Türkiye

Hungary and Turkey stances align on Ukraine war, minister says

Hungary Turkey migration

Hungary and Turkey both see it as imperative for diplomatic talks to start as soon as possible on the war in Ukraine, as they may lead to a ceasefire and a peace agreement, the head of parliament’s foreign affairs committee said on Tuesday, after meeting his Turkish counterpart, Akif Cagatay Kilic.

Hungarian-Turkish relations go back 100 years, and are expected to become much stronger, Zsolt Németh said after the meeting. Hopes are high that President Recep Tayyip Erdogan will also visit Hungary, he said. Németh and Kilic discussed the Russia-Ukraine war. Turkey has acted as a mediator between the parties in many issues, Németh noted.

Turkey is also a key player in the issue of migration, he added, and called for the agreement between the European Union and Turkey to be implemented, so the latter can access the funds necessary to stem waves of migration towards Europe.

The country plays an important role in Hungary’s energy supplies, especially due to the “sanctions-fueled inflation”, he said. Kilic thanked Hungary’s support after a recent explosion in Istanbul. Hungary and Turkey both work to broker peace between Ukraine and Russia, he added.

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No Hungarians were hurt in Istanbul explosion

No Hungarians were killed or injured in an explosion in Istanbul on Sunday, a spokesman for the foreign ministry told MTI. President Katalin Novák expressed sympathy and condolences.

Máté Paczolay said the consulate in Istanbul and the embassy in Ankara are in contact with the Turkish foreign ministry as well as national and local police. The consulate is available 24 hours a day to provide for Hungarians in need of assistance, he added.

So far, three Hungarian nationals, staying in a hotel just 40 metres from the site of the explosion, have contacted the consulate, he said. None of them were harmed and they plan to leave the country in the coming days, as originally planned, he added. Consular and embassy staff continue to follow events closely, Paczolay said.

President expresses sympathy

President Katalin Novák has expressed sympathy and condolences to the family and friends of the victims of an explosion in Istanbul, and to the Turkish nation, the Sándor Palace told MTI on Sunday.

The blast, in a popular pedestrian street in Istanbul on Sunday afternoon, left six dead and 81 injured. Turkish President Recep Tayyip Erdogan called the explosion a “nefarious attack”, speaking at a press conference.

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Erdogan’s wow: Turkey remains a safe background to Hungary’s energy security

Erdogan Orbán Turkey energy

Prime Minister Viktor Orbán held bilateral talks with Turkish President Recep Tayyip Erdogan in Samarkand, Uzbekistan, the PM’s press chief said on Friday.

The two leaders agreed that the summit of the Organisation of Turkic States (OTS), held in the Uzbek city in the past days, had been successful. Orbán said that despite the war in Ukraine, Turkey and Hungary will not give up their joint goals. “We are committed to strengthening bilateral trade and economic ties, and we will expand military cooperation,” Orbán said.

Erdogan wowed Turkey would “remain a safe background to Hungary’s energy security”. Orbán and Erdogan agreed that the war should be concluded with an immediate ceasefire and peace talks.

Hungary’s foreign minister: Turkey ‘strategic partner’

Hungary views Turkey as a strategic partner politically and when it comes to trade and economic cooperation, Péter Szijjártó, the foreign minister, said on Friday. Bilateral trade turnover last year approached 4 billion dollars, a record high, Szijjártó said on Facebook after reviewing economic cooperation with Trade Minister Mehmet Mus ahead of a Hungary-Turkey economic joint committee session in December.

He noted that both countries are building nuclear power facilities with the same technology, adding that this may open up a new area of cooperation. The only east-west gas pipeline running at full capacity in Europe passes through Turkey, ensuring the security of Hungary’s energy supply, the minister said, adding that Turkey’s energy security role had grown significantly.

With one of the most open economies in the world, free trade is vital to Hungary, Szijjártó said. “We have an interest in the customs union between the European Union and Turkey working smoothly.”

Hungarian tourists allowed entry into Turkey with IDs

Turkey has allowed Hungarian citizens to enter the country with their IDs, Foreign Minister Péter Szijjártó said on Thursday.

“Good news for those travelling to Turkey: Hungarian tourists will now be able to enter Turkey with their personal IDs (without passports),” Szijjártó said on Facebook.

In a post that included a photo of Szijjártó with his Turkish counterpart, Mevlut Cavusoglu, the minister wrote: “My friend, Mevlut, promised it and delivered. As he always does.”

PM Orbán travelling to Uzbekistan with 60 businessmen, several ministers

Orbán NATO expansion

Prime Minister Viktor Orbán is travelling to Samarkand, Uzbekistan, on Wednesday, to a summit of the Organisation of Turkic States, where he is also scheduled to hold bilateral talks with the leaders of Turkic countries, the PM’s press chief said.

Orbán is heading a delegation of government members, including Foreign Minister Péter Szijjártó, Economic Development Minister Márton Nagy and the PM’s political director Balázs Orbán, and some 60 Hungarian businessmen, Bertalan Havasi said. Besides current events in international politics, the summit will also touch on economic, trade and transport issues, he said.

Orbán is slated to hold bilateral talks with Kazakh President Kassym-Jomart Tokayev, President Sadyr Japarov of Kyrgyzstan, President Shavkat Mirziyoyev of Uzbekistan and President Recep Tayyip Erdogan of Turkey, Havasi said.

FM Szijjártó: Hungary, Maldives agree to develop mutual cooperation

Hungary and the Maldive Islands have concluded a cooperation agreement on economic ties, higher education and sports, the minister of foreign affairs and trade said on Wednesday in Male, after meeting his Maldivian counterpart, Abdulla Shahid. The Pacific region is an important focal point of geopolitical rivalry, which boosts the significance of “countries like the Maldives which are building their policies on common sense,” Péter Szijjártó said. The European Union and Hungary see the Maldives, a regional stabilising influence in a strategic geographical location, as a key partner in the region, he said, adding that supports the country’s request for visa-free travel and tax exemptions for Maldivian fishing products, he said.

Under the agreement they signed today, Hungary will raise the number of scholarships offered for Maldivian students to 25 from 15, and extend it to athletes and trainers, he said. The government is also supporting Hungarian companies investing in the islands nation, especially in water management, waste management and tourism. Hungary is also sending Hungarian-made X-ray machines to the country, he added.

Szijjártó is scheduled to meet President Ibrahim Mohamed Solih and the ministers for higher education, economic development and sports later in the day. Shahid thanked Hungary for its help to Maldivian students stranded in Ukraine when the war started, and noted Szijjarto was the first Hungarian foreign minister to pay an official visit to the country. He called the talks “extremely fruitful” for boosting further cooperation, and he welcomed Hungary’s commitment to supporting the Maldives, especially its health-care sector.

Hungary, Turkey to cooperate in developing combat vehicle

honvédség török amina

Hungary and Turkey are developing the Gidran combat vehicle, “a symbol of Hungarian-Turkish defence cooperation”, the defence minister said on Facebook on Tuesday.

Turkey will deliver 40 vehicles to Hungary by the end of 2023, and they will be equipped in Kaposvár, in southern Hungary, Kristóf Szalay-Bobrovniczky said in the post.

Szalay-Bobrovniczky is on a two-day visit to Turkey, where he met his Turkish counterpart Hulusi Akar, and visited the Nurol Makina plant where he tested the vehicles.

Later on Tuesday, Szalay-Bobrovniczky and Akar unveiled a memorial in Canakkale, western Turkey, dedicated to Austro-Hungarian artillerymen who fought in the 1915 Gallipoli campaign in the first world war, aiding the Ottoman Empire against Allied forces. In his speech, Szalay-Bobrovniczky said the courage and self-sacrifice of Turkish soldiers had elevated the memorial to Gallipoli among Turkish national memorial sites, the defence ministry said.

Szalay-Bobrovniczky said the memorial, built at the initiative of the Hungarian defence ministry, was also a “memento to the historic coexistence and the joint history of the Hungarian and Turkish people, and to the respect of heroes and the courage that connects them”.

Akar said the memorial was a symbol of the cooperation necessary to overcome obstacles. Hungary and Turkey have an “active” cooperation, he said, and called for cooperation in economy and culture as well as defence.

As we wrote today, Szalay-Bobrovniczky praised high-level bilateral ties based on mutual trust, details HERE.

Turkey and Hungary are partners and allies, says defence minister in Ankara

ankara

Turkey and Hungary’s defence ministers on Monday initialled an agreement on establishing the legal conditions for future military cooperation.

The two countries are partners and allies in terms of trade, culture and defence, Kristóf Szalay-Bobrovniczky, Hungary’s defence minister, said in Ankara after meeting Turkish counterpart Hulusi Akar.

The ministry said in a statement that Szalay-Bobrovniczky praised high-level bilateral ties based on mutual trust.

Both countries want peace in Ukraine and promote this position at every possible opportunity, the statement said.

“We highly appreciate [Turkish] efforts made towards peace as mediators between the warring parties,”

Szalay-Bobrovniczky said in Ankara.

He noted Turkey’s humanitarian aid to Ukraine and Hungarian efforts to help people fleeing the war.

Both ministers emphasised the importance of NATO anticipating threats from all sides, including combatting terrorism. Turkey and Hungary are both committed and respected members of NATO, the statement said.

Both officials also were in agreement on the importance of maintaining stability of the Western Balkans, noting that a Hungarian commander headed KFOR until recently and Turkey will take over the command from Italy in a year’s time.

The two countries’ armed forces cooperate in priority areas: Hungary established a battle group aimed at strengthening NATO’s eastern wing after the outbreak of the war in Ukraine, and Turkey is a member.

Hungary is in the process of replacing outdated military technology with NATO-compatible equipment, the minister noted, adding that Turkey’s defense industry is also a supplier. Hungary has put 10 Gidran combat vehicles manufactured in Turkey into service, while another forty will be assembled in Hungary.

During Szalay-Bobrovniczky’s two-day visit, a monument commemorating the soldiers of the Austro-Hungarian Monarchial Army will be unveiled, marking the historical relationship between the two countries in the first world war. Also, the countries are celebrating the 100th anniversary of diplomatic relations in 2024 with a series of cultural events.

Read more news about Hungary in Turkish

Mine explosion killing 40: Hungarian Speaker sent condolences

Mine explosion Turkey Speaker

Speaker of Parliament László Kövér has expressed his condolences to the families of the victims of a recent coal mine explosion in Turkey.

In his letter of condolence to Mustafa Sentop, his Turkish counterpart, Kover said it was with great pain that he had learned of Friday’s mine explosion in northern Turkey’s Bartin province which claimed many lives.

Kövér reaffirmed Hungary’s support for Turkey “in these tragic moments”. He expressed his condolences on behalf of Hungary’s National Assembly to the families of the victims, wishing a speedy recovery to those injured in the blast.

At least 40 people were killed and 11 injured in the mine explosion, while 58 miners survived.

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Hungarian Parliament not yet to vote on ratification of Sweden and Finland’s accession to NATO

nato

The majority of the governing party voted down the MSZP motion that would have set the parliamentary vote on Finland and Sweden’s NATO membership for Tuesday 4 October, according to a Facebook post by the proposer of the motion, Bertalan Tóth.

For a new member state to join NATO, it must be ratified by all existing member states in their parliaments. According to 24.hu, apart from Hungary, Turkey is the only NATO member that has not yet ratified the two countries’ accession to the military alliance.

The Hungarian government tabled a proposal to support Swedish and Finnish accession two and a half months ago, but it has still not been put on the agenda for adoption.

The opposition Socialist Party (MSZP) would have accelerated the adoption of the two proposals and asked for them to be put on the agenda for Tuesday’s meeting.

This was rejected by Speaker László Kövér on his own authority, and when the MSZP asked for an open vote on the issue, he voted it down together with the Fidesz majority.

The Parliament’s press department told Telex earlier that the vote on the two countries’ NATO membership is on the autumn parliamentary agenda, but did not say when exactly it would take place.

It was announced before the NATO summit in Madrid at the end of June that all member states had agreed to Sweden and Finland joining NATO. However, to finalise the process, not only do the leaders of the countries have to agree, but the parliaments of the countries also have to sign the laws to this effect. This has now been done by all except Turkey, which is already opposed to accession, and Hungary, which is waiting for an unknown reason.

Will Turkey rescue Hungary in the energy crisis?

Turkey energy gas delivery Orbán

Prime Minister Viktor Orbán discussed the issues of energy security and migration with Mustafa Sentop, Speaker of the Grand National Assembly of Turkey, in Budapest on Thursday, Orbán’s press chief told MTI.

The EU sanctions approved in Brussels have not brought an end to the war in Ukraine but triggered an energy crisis which gave relevance to the high-level bilateral meeting, Bertalan Havasi said in a statement. Orbán and Sentop underlined the importance of an immediate ceasefire and peace talks, he said.

They discussed the expansion of natural gas delivery capacity via the east-west transit route. Orbán welcomed that Turkey had become one the major transit countries for natural gas via the TurkStream pipeline.

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Orbán and Sentop also discussed joint efforts to combat illegal migration. The Hungarian prime minister said that without stability and security in Turkey, there is no stability and security in Europe.

“Had Turkey not been making efforts to combat migration, the whole of Europe would be hit by an unprecedented wave of migrants,” Orbán said.

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Hungarian-Turkish relations are excellent, says parliament speaker

Speaker László Kövér parliament pensioner

House Speaker László Kövér discussed with Mustafa Sentop, Speaker of the Grand National Assembly of Turkey, the impact and the economic and security threats of the Ukraine-Russia war and Hungarian-Turkish relations at their meeting in Budapest on Wednesday.

Speaking at a joint press conference in Parliament after the event, Kövér expressed Hungary’s appreciation to Turkey for its “stabilisatory role and support towards the European Union”.

He highlighted Turkey’s efforts in tackling migration and towards energy security, noting that Turkey “has largely contributed to eliminating a prospective global humanitarian catastrophe triggered by food shortages. Kövér called for Turkey’s accession into the European Union which he said Hungary would support “to the best of its ability”.

The parliamentary speaker called bilateral relations excellent which he said the two sides had also reaffirmed at their meeting. He said the leaders of the two countries would soon meet for strategic consultations, adding that he accepted an invitation to visit Turkey.

Sentop said they assessed the cooperation of the two countries’ parliaments and discussed the possibility of developing them to a higher level. He praised bilateral political, economic and trade cooperation as excellent and expressed thanks for Hungary’s support in Turkey’s EU integration.

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Orbán’s chief of staff: Fake news that Hungary would order passports from Turkey

passport-citizenship-Hungary

The Turkish Interior Minister said that he has a contract to print 250,000 Hungarian passports. At the government briefing on Thursday, Gergely Gulyás called this a fake news.

As we reported earlier, Turkey is producing 250,000 Hungarian passports. Turkish Interior Minister Süleyman Soylu said that Turkey will now produce not only its own passports but also passports of other countries. Including, for example, those of Hungary and France. They have an agreement with Hungary for 250,000 passports.

Previously, the Turkish passports were printed in another European country, but the partner company could no longer take on the task due to a lack of chips, hvg.hu reports.

However, at the government briefing on Thursday, Gergely Gulyás refuted these reports. The Ministry of Foreign Affairs and Trade did not respond to inquiries, rtl.hu reports.

Turkey to print Hungary’s biometric passports!

passport-citizenship-Hungary

Earlier, even Turkish passports were printed by a European company. However, the chip crisis hit that sector hard after the coronavirus epidemic, and the foreign firm could no longer tackle Ankara’s growing demand. Therefore, the Turkish government decided to make their own passports, and they even decided to print other countries’ travel documents. The Hungarian and the French governments have already ordered hundreds of thousands. Here are the details.

According to Hürriyet, Turkey started printing its biometric passports on 29 August. The country’s interior minister highlighted that they created a “fully Turkish” travel document. Süleyman Soylu said that the printing process is at the General Directorate of Civil Registration and Nationality, an affiliate of his ministry, in the capital Ankara.

Talking about their prototype, he highlighted the 27 security points of the new passport. Furthermore, he cleared that there were different chips inside, some small, some large. It seems other states also like the outlook and quality of the new Turkish biometric travel documents.

Soylu said they signed an agreement with Hungary to print 250,000 Hungarian passports in a year. Afterwards, Turkey will print French travel documents, he added.

Regarding the number of Turkish passports they already produced, the minister stated that they made 1.6 million passports for Turkish citizens. “However, some 58 percent of them did not use their passports and go abroad,” he noted. Turkish interior ministry is well prepared to supply passports in a day in the case of an emergency, Soylu added.

He added that they provided 77 million identification cards to Turkish citizens as of 2018 despite the global chip crisis. “Since January, we printed and gave some 6.7 million chipped IDs,” he said. “The country not only prints but also stores the chips and the cards”, the minister reportedly said.

According to hvg.hu, they sent many questions about the issue to the Hungarian Ministry of Foreign Affairs and Trade. They promised to share the ministry’s replies as soon as they received them.

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Hungary to receive green energy from Azerbaijan

Electricity Hungary Slovenia transmission price of electricity

Hungarian Foreign Minister Péter Szijjártó and Azerbaijani Energy Minister Parviz Shahbazov held talks on energy supply over the phone on Wednesday. Meanwhile, Hungarian, Turkish agriculture ministers pledged to strengthen ties.

The war raging in Ukraine for half a year and the sanctions imposed in response have triggered a deep energy crisis in Europe, Szijjártó said on Facebook. Given the current situation, there is a pressing need for exploring and tapping new sources of energy, he said. From this aspect, Azerbaijan is the most important, even if not the only short- and medium-term partner to be included in Europe’s energy supply, the minister said, noting the recent EU-Azerbaijan energy agreement.

Highlighting the strategic nature of Hungarian-Azerbaijani relations, Szijjártó said Shahbazov had outlined an “excellent plan to generate a large amount of green electricity to be forwarded via Georgia and under the sea to Romania.

We have quickly agreed that Hungary will join this ambitious plan as for the project to be part-funded by the EU, at least two member states should be involved in it.”

The minister said that Hungary would partly use and partly transfer the green electricity provided by Azerbaijan. Szijjártó said the project could be implemented in three to four years. He said it would contribute to Hungary’s safe energy supply and help it achieve its carbon neutrality targets.

Hungarian, Turkish agriculture ministers pledge to strengthen ties

Opportunities in Turkish-Hungarian ties in agricultural policy should be boosted in sectors such as seed grain production, cattle imports and sweet-water fishery, Agriculture Minister István Nagy said on Wednesday.

Meeting Vahit Kirisci, his Turkish counterpart, at the International Apicultural Congress in Istanbul, Nagy highlighted the importance of apiculture in both countries, the ministry said in a statement. Turkey is the second largest honey producer in the world, and Hungary is one of the leading producers in the European Union, he said. Hungary is home to 1.2 million bee families, which play an essential ecological role in the country, he added.

Regarding bilateral economic ties, Nagy said the Hungarian-Turkish economic committees should work on identifying mutual focus points. One “bridge” between the countries would be boosting educational ties, he said. Turkey’s role as an important player in “feeding the world” has been highlighted during the war in Ukraine and the ensuing energy crisis, he said. Hungary and Turkey’s supplies, as well as global food security will suffer unless the conflict is ended swiftly, he said.

Nagy also thanked Turkey for its support for Budapest hosting an apicultural expo, the ministry said.

Hungary to strengthen its army with Turkish Bayraktar drones

Bayraktar-TB2-drones-Turkey

Innovation minister László Palkovics talked about the possible purchase of the exceptionally effective Bayraktar drones to a Turkish news agency. Palkovics said that the Hungarian Defence Forces decided to buy Turkish military products. The Bayraktar TB2 type unmanned aerial vehicles (UAVs) proved to be very useful in the war in Ukraine.

According to Index.hu, Palkovics cleared that the technology behind the UAVs of the Turkish Baykar company is cheaper and more effective than the others in that category. Palkovics went to Turkey to meet with his counterpart and discuss bilateral industrial and technological cooperation. He added that Hungary decided to buy Turkish military products for Hungary’s army.

Defence minister: Hungary has the right to defend itself

Hungary is again at a crossroad, just as it had been in the time of Saint Stephen, its first Christian king, and this, too, is a situation in which the country has the right to defend itself, the defence minister said on Friday, marking the 20 August national holiday.

King Saint Stephen integrated Hungary into Europe economically and culturally while preserving the country’s independence and without swearing loyalty to other powers, Kristóf Szalay-Bobrovniczky told a ceremony held by the defence ministry and the Hungarian Armed Forces.

20 August is a national holiday because of Saint Stephen, and this day is also a chance to greet the country’s “excellent troops”, the minister said.

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Technology minister discusses the production of Turkish weaponry in Western Hungary

lászló palkovics technology minister

Lászlo Palkovics, the technology and industry minister, held talks with Mustafa Varank, his Turkish counterpart, to discuss bilateral defense cooperation, in Ankara on Monday.

Speaking to MTI by phone, Palkovics said that Hungary had decided to manufacture military hardware domestically with the inclusion of foreign technological partners. The production of four-wheel armored fighting vehicles will be one of the major future projects which could start in October, he added.

“We discussed the technological details related to that project at our talks on Monday,” Palkovics said.

The minister said other topics included the broadening of bilateral defence cooperation in manufacturing drones and unmanned aerial vehicles, and their armour and weaponry. Turkey is a leader in the production of these equipment, he added. “According to plans, the production of such equipment will begin by a joint venture in Kaposvár, in western Hungary,” he said.

Palkovics said another major topic at the talks was energy. Turkey has a strong industry to support energy production, noting the manufacturing of solar panel systems and other components supplementing the country’s electric network, he added.

“We would like to persuade Turkish companies to produce such components and solar panels in Hungary,” the minister said. The meeting also served to prepare a session of the Turkish-Hungarian mixed economic committee to be organised in Budapest in December, Palkovics said.

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Rail cargo transport could be alternative to sea shipping, says Hungarian minister

85.6 million euros to supporting Hungary's railway cargo transport

László Palkovics, Hungary’s minister of technology and industry, on Tuesday said he had discussed the potential of rail freight transport as an alternative to sea shipping at the inaugural meeting of a Bulgarian-Hungarian-Serbian-Turkish transport working group in Istanbul.

The war between Russia and Ukraine has shown that modes of shipment that had earlier seemed realistic “will be less of an option now” and Ukraine will have to be bypassed, Palkovics told MTI by phone on the sidelines of the meeting.

Palkovics said that at his last meeting with his Turkish counterpart six months ago, they had discussed a number of different topics, including coordination in connection with the Budapest-Belgrade rail line.

He noted that Turkey has set up a consortium to determine how the Turkish and Bulgaria-Serbia-Hungary rail line could best be used.

The European Union currently moves 20 percent of commodities by rail, and the aim is to increase this share to at least 50 percent by 2050, the minister said.

Palkovics said the working group’s meeting had centred on the infrastructure to be developed by the four countries, noting the importance of maintenance.

The working group’s participants agreed to start building the required trains, Palkovics said, adding that Hungary had already started doing its part.

The four countries also agreed to explore possible passenger transport developments, the minister said.

Whereas the shipment of goods from Europe to China takes 45 days by sea, rail shipment would take only 12 days, Palkovics said. Tuesday’s meeting created the possibility for considering alternative modes of shipping, he added.

The working group will next meet in October, he said.

As we wrote on January, Russia prepared to contribute to construction of rail line bypassing Budapest, details HERE.

Hungarian forint: one of the world’s weakest currency

forint euro bills

With all the ups and (mostly) downs recently, the Hungarian forint has become one of the weakest currencies not only in the region – in Central and Eastern Europe – but in the whole world.

Second weakest currency in the world

In a year, only the Turkish lira and the Argentine peso have fallen more. On top of that, in the last three months, apart from the Chilean currency, the forint has been the weakest in the whole world, Portfolio.hu reports.

Since the beginning of the year, the forint has weakened by almost 7.5 percent against the euro. This cannot be explained merely with the difficult global economic environment, a war in our neighbourhood and high inflation. These are problems that affect our regional competitors in the same way, Portfolio.hu writes.

At the beginning of March, the record low level of the forint could be blamed on the war, but since then something else has been the problem. In three months, the forint has weakened by 8.4 percent against the euro, while the Polish zloty has depreciated only by 1.1 percent and the Czech koruna by 1.2 percent.

Events that affect the Hungarian currency

Until early May, the forint moved broadly in line with the Polish zloty, and that was when the split began. If we take a look at the events of the last two months, we might find the reasons why the Hungarian currency has been plunging. Portfolio.hu has gathered these events:

– In April, the European Commission launched a rule of law procedure against Hungary, and no agreement has been reached on the disbursement of EU funds.

– The market was not fully satisfied with the government’s fiscal adjustment package, which is partly based on special taxes that send a negative message to the business environment.

– The deteriorating fundamentals of the Hungarian economy are becoming increasingly apparent, especially the external imbalance, with the balance of payments and external trade balances both turning strongly negative.

– The dollar has strengthened: the US currency has gained 7% against the euro in three months. And the forint follows the dollar’s movements in the opposite direction, meaning that when the US currency strengthens, the forint usually weakens.

The bad news is that these negative effects are not yet abating, and there is no sign of them improving.

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