Hungarian Forint Foreign Exchange

 

Hungarian forint foreign exchange rate fell after a small recovery

Published on July 26, 2011 by   ·   No Comments
Budapest, Hungary

The Swiss franc is still close to its all-time high versus the euro, this is reflected in the franc-forint exchange rate as well. In the same time the US dollar has depreciated against the euro as debates over raising the US debt ceiling put pressure on it. The euro climbed to a two-week high versus the US dollar. Thus the Hungarian forint has been gaining against the US dollar, while strength of the forint is only relative.

Moody’s Investors Service published a Banking System Outlook today. The outlook summarizes anticipations for the credit conditions over the next 12-18 months. Moody’s expectation on Hungary’s banking system remains negative as households owe large amounts of Swiss Franc debts, and borrowers’ ability to service their debt has weakened as a result of a 30% depreciation of the Forint against the Swiss Franc. Corporate borrowing is impacted by the weak performance of the commercial real estate and the small and medium enterprises sectors. Moody’s believes that a major stabilising factor for the Hungarian banking system is the high degree of foreign ownership. Their economic outlook for Hungary in 2011 is more positive, because economic recovery is driven by export-oriented companies.

Latest Hungarian Forint Foreign Exchange Rates

On currency markets, one Swiss franc bought 232.72 Hungarian forints, while a UK pound sterling currently exchanges 305.97 a euro 270.25, and one US dollar 186.71.

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