Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Hungarian central bank has no exchange rate target: deputy governor

06/09/2018 | 07:12am EDT

BUDAPEST (Reuters) - Hungary's central bank has no exchange rate target and is not concerned by a recent weakening of the forint, one of its deputy governors said.

"The National Bank of Hungary has nothing to do about this. It has obligations set out in the law and goals, but it has no exchange rate target," Ferenc Gerhardt said in an interview on Friday posted on Inforadio's website.

"The NBH ... does not care about the movement of the exchange rate," he added.

A dollar rally and expectations of higher U.S. interest rates, as well as Italy's political turmoil, knocked the Czech crown, the forint and the zloty to multi-month lows in May, although they rebounded somewhat last week.

The forint has weakened to around 320 <EURHUF=D3> against the euro, a 3 percent slide from mid-April and close to a two-year low. It is down about 2.7 percent so far this year.

Hungarian Finance Minister Mihaly Varga said on Friday he saw no reason to worry about the weakness, which he said was due to market factors and was in a "balanced" range.

Varga added that countries with higher debt were more vulnerable to market swings so Hungary must continue its drive to reduce public debt.

The National Bank of Hungary is one of Central Europe's most dovish central banks. It has pledged to keep monetary conditions loose for an extended period. Its benchmark base rate is at a record low 0.9 percent.

The bank's next rate-setting meeting is due on June 19.

(Reporting by Krisztina Than; Editing by Alexander Smith)


ę Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
BASE CO., LTD. -5.45% 4680 End-of-day quote.-23.90%
BASE, INC. -11.95% 1334 End-of-day quote.-31.66%
EURO / CZECH KORUNA (EUR/CZK) -0.01% 25.545 Delayed Quote.-2.02%
EURO / HUNGARIAN FORINT (EUR/HUF) -0.18% 359.48 Delayed Quote.-1.00%
Latest news "Economy & Forex"
02:33aBritish power generator Drax ups dividend as profits rise
RE
02:31aBAE : raises dividend, launches new buyback on strong outlook
RE
02:30aAnglo American boosts shareholder payout to $4.1 billion for first half
RE
02:29aSchroders reports profit surge, assets surpass 700 billion stg
RE
02:28aLloyds restores dividend as profits recover on brighter outlook
RE
02:26aBT : says on track after reporting 3% rise in Q1 earnings
RE
02:25aASTRAZENECA : COVID vaccine sales jump to $894 million, updates forecasts
RE
02:24aUK's Relx sees 2021 growth ahead of historical trends
RE
02:24aVolkswagen lifts margin outlook again after record profit
RE
02:24aShell's profit soars as it boosts dividend and launches buybacks
RE
Latest news "Economy & Forex"