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Exchange Rate Hits 400 forints to Euro as Finance Minister Blames EU sanctions

picture of Mihály Varga

The Hungarian forint traded at 400 against the euro yesterday, writes business site Portfolio.

The forint stated trading at 388 on Monday morning, but soon reached 393. Shortly after 10am, the Hungarian currency’s exchange rate with the euro hit 400.

Following this peak, the forint stopped its slide and strengthened somewhat, and by 2pm the exchange rate was back at 393 Ft. for one euro.

The Polish zloty and the Czech koruna also had sharp drops, but the forint underperformed them by far, according to Portfolio.

Finance Minister Mihály Varga (pictured) reacted to the currency’s slide with a half-minute video posted on social media yesterday afternoon. As he stated:

The Hungarian forint is also a victim of the sanctions from Brussels. Sanctions have already caused a serious loss to the Hungarian economy. The biggest threat to the forint and to the Hungarian people is the possibility of sanctions expanding to the energy sector. Whoever wants to expand sanctions wants Hungarians to pay the price of the war. The Hungarian government will not support such a move in any international forum.

444 notes that Varga did not say anything about what would be happening now if Hungary had already adopted the euro as its official currency.

[444, 444][Photo: Mihály Varga / Facebook]

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2 Comments

  1. Misi bacsi

    What a tragedy that the self serving stooge, Varga is speaking on “behalf” of Hungary. Perhaps he prefers that the EU, NATO & USA just roll over and hand Putin Ukraine! This type of person has no conscience i.e. they will shake with rage regarding the events of 1956, while doing the minimum to stand up to Putin, albeit I read second story about Hungary now “allowing” weapons to reach Ukraine. Varga and his ilk see absolutely no contradiction, such people even lack the ability to appreciate irony.

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