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18th September, 2019

Forint weakens to new historic low

The forint weakened to over Ft 334 per euro on Tuesday, hitting a new historic low.

Based on technical analysis of the development of the exchange rate, the forint could weaken to Ft 337 per euro soon, analysts of the brokerage Equilor wrote.

The forint stood at Ft 303 per US dollar on Tuesday, slightly stronger than the historic low of Ft 303.48 per dollar.

PMO leader Gergely Gulyás told Reuters on Monday that the government has no exchange rate target, adding that the recent level does not threaten the success of Hungarian economy policy.

A weaker forint boosts exports, Gulyás underlined.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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