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24th January, 2020

Forint reaches record low

The forint hit its weakest position ever against the euro at Ft 327.26 on Thursday, losing 0.2% over the previous day.

Analysts at French bank Société Generale forecast that the forint will eventually weaken to Ft 350 per euro, the first bank to make such a prediction. Portfolio underlines that this forecast could increase pressure to sell the forint.

On Monday, the MNB did not accept any bids on its foreign exchange swap, decreasing the supply of the forint which helped it to gain some strength at the beginning of the week. Portfolio added that Thursday’s dip in value could push the MNB into further intervention.

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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