Forint moves back from historic low after MNB intervention
The forint slipped as far a 369.63 to the euro - a new historic low - during the day, but snapped back after the National Bank of Hungary (MNB) announced the launch of a one-week deposit that pays the 0.9% base rate, state news wire MTI reports.
The forint traded at 362.54 to the euro at around 5:30 in the evening on Wednesday, weakening from 361.05 late Tuesday.
The first tender for the sterilization instrument, which the MNB said will contribute to improving the efficiency of banking sector liquidity management, will take place on Thursday.
The forint softened to 331.44 from 328.03 against the dollar. It fell to 342.78 from 340.01 to the Swiss franc.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.