MNB vice governor Márton Nagy on television

HUNGARY - In Brief 02 Jul 2018 by Istvan Racz
The forint slid a bit further today, to a new record of EURHUF 330.7, before returning to around the 330 level, which is 6% down in the year to date. The immediate reason is believed to be the most recent German government crisis, which is most likely to remain a negative factor for the forthcoming weeks or maybe months.But the other part of the story is the MNB's relaxed attitude, of course. The following is (I hope) a faithful translation of a brief television interview with Mr. Márton Nagy, vice governor of the Bank, who spoke as being stopped by a reporter of ATV on the corridors of the parliament building in Budapest. The question was what he could say on government spokesman Zoltán Kovács' remark a few days ago that the weakness of the forint may be due to speculation.Mr. Nagy: "The exchange rate is always given by the market. Demand and supply. There is a vast variety of actors, it is very difficult to establish specifically who is behind." He added: "You are also behind it."Reporter: "I hope not."Mr. Nagy: "Yes you are, because you also buy foreign currency when you travel abroad."Reporter: "Do you think that 330 is the trough or can it still move further?"Mr. Nagy: "It depends on market developments, I have said already."Reporter: "At what level does the MNB have to step in?"Mr. Nagy: "The market knows, it depends on demand and supply."Reporter: "So you are not intervening even if one euro buys 350 forints?"Mr. Nagy: "Once more, what is the decisive factor? I have said that already."Reporter: "Interest rates."Mr. Nagy: "No."Reporter: "Market developments."Mr. Nagy: "No. It is the statement of the June 19 Monetary Council meeting, from which you can learn every...

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