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No Exchange Rate Cap in Hungary Says Central Bank

The deputy governor of Hungary’s Central Bank, Marton Nagy has told local business publication, Vilaggazdasag that the bank will not stop the forint strengthening beyond 310 to the euro. 

However, he also said that it was crucial that the country has a stable currency. Nagy added that Standard & Poor’s had political motives when it criticised operations of the Hungarian central bank.

Ratings agency, Standard & Poor’s recently criticised the Parliament’s legislation that ‘restricted the transparency of foundations and companies owned by the central bank.’ Standard & Poor’s went on to say that it would reduce visibility on potential risks.

Marton Nagy is also Chairman of the Budapest Stock Exchange (BSE).

The value of the forint has moved from 300 to 313 over the past 12 months at the time of writing.

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