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PMO Head on Forint’s Historic Low: Govt Has No Targeted Exchange Rate

MTI-Hungary Today 2019.09.12.

The Orbán government had no target for the exchange rate and the independence of the central bank would be respected, the head of the Prime Minister’s Office said – answering a question regarding the forint hitting a historic low against the Euro – during his regular press briefing on Thursday.

The weakening of the forint is much less important today considering that the majority of debtors have already been rescued from the “forex debt trap”, Gergely Gulyás added.

Will Historic Low Forint Lead to the Introduction of the Euro?

Concerning the effect of the weaker forint on the budget, he said the exchange rate change brought in extra revenues as well as resulting in additional losses. The recent exchange rate change has not been so extreme as to warrant a response at the level of Hungarian economic policy, he added.

In the featured photo PMO Head Gergely Gulyás. Photo by Attila Kovács/MTI