Unwanted Appreciation?

April 2005
Emerging Europe Monitor: Central Europe & Baltic States;Apr2005, Vol. 12 Issue 4, p2
Country Report
Country Report
The article reports that the basic monetary unit of Hungary, forint has evolved into an important macroeconomic policy issue. The Hungarian currency is trading close to the upper limit of the band set by the central bank. The trajectory of the Hungarian currency, which has strengthened by almost 6% following enlargement of the European Union in May 2004, is fast becoming an issue of major concern for the country's policymakers. The strengthening of the currency has continued, despite a succession of interest rate cuts beginning in March last year, indicates that demand for forint-denominated instruments remains firm.


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