Hungarian forint foreign exchange rate indicates a major downturn in investor confidence. It has considerably weakened against the Swiss franc, the US dollar and the British pound, while there is no significant change in the forint – euro exchange rate.
The weak performance of the forint is due to the current negative market sentiment. The „safe heaven” Swiss Franc gained again as nervous investors turned back to it.
The European Court of Justice found Hungary’s VAT system failed to harmonize with European Union regulations. Hungary announced it would still keep to its 2011 and 2012 budget deficit targets (below 3% of GDP in 2011 and 2.5% in 2012). The Economy Ministry said that the deficit targets would not be affected by the court’s decision. “If it becomes necessary next year, the government will assess the possibility of selling its MOL shares in order to increase budget revenues” they announced. Hungary has just purchased back a 21.1% stake of the oil and gas company from the Russian Surgutneftegas.
Latest Hungarian Forint Foreign Exchange Rates
On currency markets, one Swiss franc bought 235.9 Hungarian forints, while a UK pound sterling currently exchanges 308.97, a euro 270.15, and one US dollar 189.34.