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Forint firms on speculation Switzerland could peg franc to euro

 The forint traded at 251.45 to the Swiss franc late Thursday, firming from 267.13 on Wednesday as the franc weakened on speculation it could be pegged to the euro.

Much of Hungarian banks' retail lending stock is denominated in Swiss francs and the currency's sharp strengthening in recent days has been a cause for concern. The forint reached a historical low of 273.43 against the Swiss franc overnight on Tuesday.

The forint traded at 273.33 to the euro late Thursday, firming from 274.73 on Wednesday.

The forint gained to 192.45 from 194.12 against the dollar.

On the secondary market for government securities, benchmark yields were down 4-16bp for terms over a year.