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Forint weakens sharply on global recovery concerns, forex mortgage proposal

The forint slipped to its weakest level against the euro since January on Friday as the mood on global markets soured on concerns about the recovery and MPs of Hungary's governing Fidesz-KDNP alliance said they were proposing allowing Hungarians with foreign currency-denominated mortgages the chance to pay back their loans in a single installment at a fixed exchange rate.

The forint traded at 276.43 late Friday, weakening from 281.20 on Thursday.

The forint traded at 231.50 to the Swiss franc, softening from 228.44 on Thursday.

The forint slipped to 203.90 from 198.17 against the dollar.

On the secondary market for government securities, benchmark yields were up 13-20bp for terms over a year.