The Hungarian forint sank today to the lowest level in almost three years on concerns that Hungary won’t receive a bailout from the European Union and the International Monetary Fund in the near future.
Some economists predict that Hungary would receive rescue only in the second half of 2012, if not later. The country desperately needs help as it’s the most indebted economy of the Eastern EU. Earlier, Standard & Poor’s and Moody’s Investor Service reduced Hungary’s credit rating to junk.
USD/HUF climbed from 242.15 to 246.78 as of 14:21 GMT today. Earlier, the currency pair touched 247.05 — the highest price since March 2009.
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