By Veronika Gulyas and Margit Feher
BUDAPEST--Hungary's currency the forint is moving in sync with
other emerging market currencies, Ferenc Gerhardt, one of the
deputy governors of the Hungarian central bank, said Monday.
"Sometimes, we improve even if we don't deserve it, and other
times we deteriorate when we also don't deserve it," Mr. Gerhardt
told reporters on the sidelines of a press conference.
The forint has been weakening for more than a week and the
currency has been described by traders as the worst performing
among emerging-market currencies.
Early Monday, the forint was trading at HUF315.26 against the
euro, which compares to levels around HUF306 before the
Ukrainian-Russian crisis escalated.
Mr. Gerhardt added that the central bank's statement from last
week's rate decision was still valid regarding the forint.
"International investment sentiment slightly deteriorated over
the past month, mostly as a result of the escalation of
geopolitical conflicts and changes in expectations for the US
Federal Reserve interest rates.[...] The Hungarian forint weakened
mostly together with other regional currencies," said the central
last week after it decided to keep its key policy rate unchanged at
a record low of 2.10%.
Write to Veronika Gulyas at veronika.gulyas@wsj.com; Twitter:
@VeronikaGulyas1