Even war-torn Ukraine’s currency outperforms the forint
According to some experts, it is not excluded that the price of the euro will slowly rise to 440 forints. Last week, the forint repeatedly hit all-time lows against the euro. Even in Bulgaria or Albania the euro is not so expensive!
The Hungarian forint is doing worse than ever
While even war-torn countries manage to stabilize, Hungary is in deep recession, reports Pénzcentrum.hu. The euro is threatening nearly 400 forints. The central bank tried to improve the situation by raising interest rates, but that didn’t help either, as the forint weakened even after Thursday’s announcement.
Central European coins
Other central European currencies have weakened especially since the outbreak of the Russian-Ukrainian war, but none to the extent of the Hungarian currency. In addition to the Hungarian forint, Pénzcentrum.hu looked at the currencies of nine countries to see which weakened the most in the period after January 1 and after the outbreak of the Russian-Ukrainian war.
What they found is that the Hungarian forint is leading the weakening. Our currency has weakened by 11% against the euro since the very first day of the year, against only 4.5% for the Polish zloty.
The V4 countries are also withstanding the deterioration of their currencies quite well, which have also been weakened by the war. The Czech koruna fell in early March, but had recovered somewhat by March 7.
Ukraine and Russia
It is also difficult to explain why the Ukrainians, invaded by Russia in February, were able to maintain the stability of their currency, writes the newspaper. Obviously, in the weeks following the outbreak of the war, the currency weakened slightly – almost 33 hryvnias for one euro – and on July 7 the euro was worth 30.17 hryvnias. It is even slightly better than the January 1 figure.
On January 1, the price of the euro was 85 Russian rubles, a figure that rose sharply after the outbreak of the war, reaching 148 rubles at the beginning of March. Despite near bankruptcy and technical insolvency, the euro is now below 65 rubles. It is also better than the January figure.
11 percent attenuation
Shockingly, the forint has depreciated 11% since January. In our neighbours, the Ukrainian currency has even strengthened, the Serbian dinar has strengthened slightly and the Croatian kuna is at 0% – it has neither strengthened nor weakened. Among the countries studied, only the Polish zloty depreciated, with the exception of the forint: the euro is now 4.35% more expensive in Poland than it was at the start of the year.
Source: Penzcentrum.hu, hvg.hu