Hungary Economic Information
Central Bank: Hungarian National Bank
Currency: Hungarian forint (HUF or Ft)
Since becoming a democracy in 1989, Hungary has transitioned from a centrally-planned to a market economy. Hungary has struggled with high inflation, which challenges its export-oriented economy. In 2004, Hungary joined the European Union (EU) and started the process to convert from the Hungarian forint to the euro.
Key industries:
Mining, metallurgy, construction materials, processed foods, textiles, chemicals (especially pharmaceuticals), motor vehicles.
Agricultural products:
Wheat, corn, sunflower seed, potatoes, sugar beets, pigs, cattle, poultry, dairy products.
Export commodities:
Machinery and equipment, other manufactures, food products, raw materials, fuels and electricity.
Import commodities:
Machinery and equipment, other manufactures, fuels and electricity, food products, raw materials.
Historical foreign currency exchange rates
 Downward Trend |
 Upward Trend |
| Source: These exchange rates are interbank rates as published by Interactive Data as of 3/14/2010. These rates were not available to retail customers and were not the rates offered by EverBank®. Past performance does not guarantee future results. |
A few factors to consider when evaluating the Hungarian forint:
Reasons to consider
- Hungary became the first European Union nation to secure an International Monetary Fund (IMF) bailout.
- The Hungarian Forint could strengthen as the country transitions towards the adoptions of the Euro. Experts do not expect adoption of the European Union currency before 2014
Risk factors to consider
- Hungary is currently experiencing the worst recession in 18 years.
- The Central Bank of Hungary cut interest rates by a cumulative 200 basis points at four consecutive meetings (November 2008 - January 2009).
- Inflation was reported 3.8% year-on-year in May 2009.
- The budget deficit target was increased to 3.9% in May 2009.
How EverBank can help with your Hungarian forint needs?
WorldCurrency® Basket CDs (Multi-currency CDs): Open a single CD comprised of multiple currencies, each designed to focus on a specific regional strength, and/or geopolitical and economic development. This currency is available in the following Basket CD(s):
I'm interested in opening a WorldCurrency® account, what is my next step?
Please note: Not all investments are right for all investors. You should conduct your own research and/or consult with an investment advisor before making any investment.
- Before opening a WorldCurrency account, we recommend reading the following pages:
- If you are ready to open your WorldCurrency account, apply online or call 800.926.4922 for more information.
- For your protection, we require that you sign and mail your application along with a deposit.
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