January 26th, 2009

Forint breaches 290/€ barrier in Friday trade

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The forint weakened to Ft 291.1 per euro on Friday, sinking below the previous record low of Ft 288.9 per euro.

The fall was in line with other Eastern European currencies, as the Polish zloty, the Czech crown and the Romanian lei all weakened, Raiffeisen bank analyst Zoltán Török noted. “At present investors do not favour emerging markets and are investing their money in the US, as evidenced by the strengthening dollar,” Török added.

“The forint has been further weakened by recent National Bank (MNB) announcements that it will not intervene,” Equilor foreign currency trader András Szántó said. “If the forint hits Ft 300-310 per euro then it is likely that the MNB will at least make a vocal intervention,” Szántó added.

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