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Hungary's currency strengthens as IMF deal nears

Hungary's currency strengthens as IMF deal nears

Hungary's currency is rising on anticipation the government will agree on an emergency standby loan from the International Monetary Fund. A large interest rate hike last week is also helping.
The euro is worth 266 forints early Tuesday after reaching a peak of 286 forints last week and a low of 229 in July.
The prime minister will meet later Tuesday with other political parties to discuss an IMF plan. Analysts say the rescue deal could be between $10 billion and $12.5 billion.
Last week, the National Bank of Hungary raised its key interest rate to 11.5 percent from 8.5 percent to make the forint more attractive to investors.


Updated : 2021-07-26 21:36 GMT+08:00