The forint's current level is too weak and it would be much better if it traded at around 285 versus the euro set out in this year's budget, said Lajos Kósa, Vice Chairman of Hungary’s ruling Fidesz party, on Tuesday.
Kósa said a weak forint was bad for those indebted in foreign currency, for state debt denominated in foreign currency and for imports, while it helped exports and the agriculture sector.
"This level seems a little too high (weak)," Reuters cited Kósa as telling private channel TV2.
When Kósa has made his comments, the forint traded at around 306 versus the euro, but since then EUR/HUF eased to around 307, i.e. this verbal intervention had no impact either, just like the previous five similar messages by economic policymakers and a central banker failed to strengthen the HUF.
Yesterday, Zoltán Cséfalvay, state secretary at the Economy Ministry, tried again the talk up the forint after his previous attempt last Thursday proved futile. Read more about these comments and what is behind them at the link below.
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