In the wake of the new coronavirus outbreak in Hungary and after a slight strengthening, the forint has been plummeting against the Euro for days. On Wednesday, it reached a historic low, falling below the 350 HUF/EUR trade.
On Monday morning, the Hungarian currency started nosediving yet again. As we previously reported, it has reached a shocking 348/ Euro. However, this morning, it had almost reached the 350 level, then climbed back to around 349, 47, then broke the 350 record around 11am, and did not stop until it reached 351.6. Since then, the forint also reached an historic low against the dollar as well, with one dollar costing 320.5 forints.
Coronavirus Pushes Forint to New All-Time Low
In recent days, the National Bank of Hungary has poured some liquidity into the market and has also launched a loan repayment moratorium for companies. This indicates that the central bank is trying to prevent corporate bankruptcy.
Featured photo illustration by Csaba Jászai/MTI