Forint firms under 300 to euro after rate cut

Competition

The forint was trading at 299.50 to the euro shortly before 7pm on Tuesdayʼs interbank market, strengthening sharply from 303.38 late Monday after the National Bank of Hungary cut its key base rate by 15bp to 1.95% earlier in the day.

The forint traded below 300 against the euro for the first time since January 2014. It also firmed sharply against the US dollar and firmed less against the Swiss franc.

The rate cut was expected, tips varied only on its size. The MNB also announced making its inflation targeting regime more flexible, temporarily tolerating a maximum +/-1% deviation from the midterm target, that remained 3%.

The forint traded at 274.52 to the dollar late Tuesday, firming from 277.48 late Monday.

It was quoted at 286.670 to the Swiss franc compared to 287.26.

More Companies Take Action Against Corruption Analysis

More Companies Take Action Against Corruption

Karácsony Still Winner of Budapest Mayoral Election After Re... Elections

Karácsony Still Winner of Budapest Mayoral Election After Re...

2 Major Ground Handlers at Budapest Airport Join Forces Transport

2 Major Ground Handlers at Budapest Airport Join Forces

Summer Camp Prices Have Increased 10-15% Tourism

Summer Camp Prices Have Increased 10-15%

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.