Hungarian Forint (HUF)

Hungary — National Bank of Hungary

Hungarian forint — high-yielding Central European currency with elevated political and policy risk.

FX Session:
London
HUF/USD
0.00323
HUF/USD Exchange Rate
Economic Indicators
Indicator Latest Previous Change Date
Policy Rate 6.25 — — 2026-02-25
Inflation 4.5 4.6 -0.10 2025-05-31
Unemployment 4.3 4.4 -0.10 2025-05-31
Retail Sales 1.91 2.92 -1.01 2025-05-31
Ppi 3.9 3.3 +0.60 2025-05-31
National Bank of Hungary Press Releases

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About the Hungarian Forint (HUF)

The Hungarian forint (HUF) is the official currency of Hungary. It is among the more volatile Central European currencies, sensitive to EU-Hungary policy frictions, eurozone growth, and shifts in global risk sentiment.

National Bank of Hungary: monetary policy framework

The Magyar Nemzeti Bank (MNB) Monetary Council sets the base rate monthly and targets 3% CPI inflation with a ±1 percentage-point tolerance band. The MNB has historically used a wide toolkit including overnight deposit rates, FX swaps, and targeted lending facilities.

What moves the HUF?

  • MNB base rate and overnight quick-deposit rate.
  • Hungary CPI and core CPI.
  • EU funds disbursements (cohesion and Recovery and Resilience Facility).
  • Eurozone growth and the ECB stance.
  • Cross-CE3 moves and risk sentiment in EM Europe.
  • Geopolitical risk premium from regional tensions.

Key data and events to watch

  • MNB monthly base-rate decision and post-meeting press conference.
  • Hungary CPI release.
  • MNB Inflation Report (quarterly).
  • EU-Hungary policy and disbursement headlines.
  • EUR/HUF spot and Hungarian government bond yields.

Frequently asked questions about the Hungarian Forint

What inflation target does the MNB use?
The MNB targets 3% CPI inflation with a ±1 percentage-point tolerance band. The target is symmetric and applies on a continuous basis.
Why is the forint considered volatile?
HUF combines a small and open economy, a high carry that attracts and repels speculative flows quickly, periodic frictions over EU funds and rule-of-law issues, and a central bank that has used aggressive non-standard tools — all of which contribute to elevated volatility.
How does the EU-Hungary relationship affect HUF?
Disbursements from the EU's cohesion and Recovery and Resilience funds represent a meaningful share of Hungarian GDP. Delays or conditions tied to rule-of-law concerns can put pressure on HUF, while progress typically supports it.
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