June 18, 2022
The forint broke all previous records, rising past 400 forints and even reaching 402. Is there any chance that the exchange rate will ever return to normal? What might be able to assist the Hungarian currency? To learn more, see our article. The euro was expected to surpass 400 points sooner or later, according to privatbankar.hu. The euro was trading at 370 forints at the end of February. Many people predict that if nothing is done to save the forint, it will fall to 450 in less than four months.
The Hungarian currency was brought down more than three months ago when the Russian-Ukrainian war rendered the forint the weakest link for investors in Central and Eastern Europe, and they began speculating against it, according to privatbankar.hu. The euro was worth 366 forints for a brief period in April, giving many people false hope. People assumed they didn’t have to worry about the forint anymore, that everything was OK.
The government has the most power to keep the forint from depreciating further. To begin with, by taking efforts to halt the EU’s rule-of-law mechanism, which would allow money from the recovery fund to go to Hungary.
Source: Daily News Hungary
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