Forint turns south on interbank market
The forint was trading at 314.93 to the euro late Friday on the interbank forex market, down from 314.20 late Thursday. At 314.06 to the euro early Friday, the forint moved between 313.90 and 315.20. It reached the lowest since January 6, 2012, at 317.29 Wednesday morning.
It is down 0.44% on the week in euro terms, after gaining exactly 0.44% over the previous week. It is down 5.62% year-to-date, after easing 1.95% last year.
The Hungarian currency was again under some pressure as the Fed's next week meeting draws closer. Many analysts expect a change of wording in the Fed's statement that could suggest a confirmation of market expectations for starting the tightening cycle next year sooner than previously thought.
The forint also felt the impact of statements of the prime minister and of the parliamentary leader of the governing Fidesz party, revealing that the probable total amount of mandatory refunds from banks to their household debtors will be higher than calculated earlier, and it will come with a ban on unilateral retail rate and fee hikes until spring 2016.
The forint traded at 243.23 to the dollar, down from 243.07 late Thursday. On Friday, it moved between 242.90 and 244.03. On Tuesday it hit the lowest since June 1, 2012, at 246.19.
It was quoted at 260.23 to the Swiss franc, down from 259.74 late Thursday. Its range on Friday was 259.44 to 260.75. Wednesday morning it fell to the lowest since January 5, 2012, at 262.74.
MOL Shareholders Approve Dividend of Around HUF 250/Share
Gov't Awards HUF 6.5 bln of Subsidies to SMEs in Underdevelo...
Hungary's Largest ESG Consultancy Formed by Merger of EY, De...
Liz & Chain Rooftop Bar Debuts Sustainable Cocktails
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
