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Forint firms on interbank market

Analysis

The forint traded at 240.51 to the Swiss franc late Friday, firming slightly from 240.86 on Thursday.

The forint traded between 234 and 244 to the franc during the week, but stayed around 237-238 much of the time. The forint was well under rates in the previous week, when it slipped past 270 to reach a historical low against the Swiss currency.

Much of Hungarian banks' retail loans are denominated in Swiss francs, and repayments on these loans rise when the forint weakens to the franc.

The forint traded at 271.88 to the euro late Friday, strengthening from 272.74 on Thursday.

The forint gained to 188.69 from 190.80 against the dollar.

On the secondary market for government securities, benchmark yields were up 21-24bp for terms over a year.

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