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Hungarian Forint Falls on Upcoming Budget Crisis

February 16, 2010 at 3:15 by Jan Baros

Hungarian ForintThe growing problems of budget deficits are not an exclusivity among EU countries using the Euro, as several of its eastern nations, as in the case of Hungary, have a budget deficit much above the maximum tolerated by the European Central Bank, affecting the nation’s currency performance.

The Hungarian forint ranked among the worst performing currencies today in foreign exchange markets after the International Monetary Fund affirmed that the central European nation may not achieve its budget deficit targets, declining attractiveness for assets in the country, as the European budget deficit crisis is spreading across the economic bloc.

USD/HUF closed today at 199.65 from an opening rate of 199.15.

If you have any questions, comments, or opinions regarding the Hungarian Forint, feel free to post them using the commentary form below.

2 Responses to “Hungarian Forint Falls on Upcoming Budget Crisis”

  1. Mr. Andrew Toth

    Hungary can aford to run a deficit. A mere look at Germany with it’s exsiding Euro guidelines show that no country is to be looked upon as alone in the world of currency. The IMF just baled out Mexico and it looks like it may have to again. Hungary is doing just fine staying away from the Euro. whiner

  2. Jan Baros

    As a Canadian of Hungarian heritage according to what your name suggests you may be living in another country for a reason (99% it was a socio-economic related one, of you, or your ancestors), which is just another evidence of Hungary’s tradition in failed government policies to run the country, a part from that, i agree that Hungary is better off without than inside the Eurozone, but to affirm Hungary is doing fine is an absurd of vast proportions. The unemployment in Hungary is rising up and the economic outlook for the country is recently worse than its long time rival Romania, which is known for high levels of corruption and endemic poverty. Having faced the worst recession since it joined the EU last year, it’s easy and obvious to affirm that Hungary is not doing fine and will have another phase of its endless socio-economic crisis. Record unemployment, government malfunction, inability to reach EU targets of any sorts are just some of the Hungary’s problems to point out. And don’t forget the articles found here are made based on a long term analysis of both fundamental and technical factors, and not ‘whining’ as u dared to write based on nothing but your personal vocabulary taste.

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