Editing Economy of Hungary (section)

=== Monetary policy ===
{{update|exchange rate evolution|September 2009|date=August 2015}}
[[File:Baserate Hungary.jpg|thumb|alt=Chart showing the base rate of [[Hungarian National Bank]].|Base rate of Hungarian National Bank (MNB).]]
[[File:Magyar Nemzeti Bank épülete, Szabadság tér és Hold utca sarok. - 2005, Budapest.jpg|left|thumb|[[Hungarian National Bank]] (MNB)]]
The Hungarian organization responsible for controlling the country's monetary policy is the [[Hungarian National Bank]] (Hungarian: ''Magyar Nemzeti Bank'', MNB) which is the central bank in Hungary.<ref name="5892hungarian_national_bank">{{Cite web|url=https://www.mnb.hu/web/en/|title=Main page|website=www.mnb.hu}}</ref> According to the Hungarian Law of National Bank (which became operative in 2001. – LVIII. Law about The Hungarian National Bank<ref name="9076t_rv_nyek__s_ogy_hat">{{cite web |url=http://www.complex.hu/external.php?url=3 |title=Törvények és OGY határozatok (Laws and Decrees) |language=hu |access-date=18 January 2010}}</ref>), the primary objective of MNB is to achieve and maintain price stability. This aim is in line with the European and international practice.

Price stability means achieving and maintaining a basically low, but positive inflation rate. This level is around 2–2.5% according to international observations, while the [[European Central Bank]] "aims at inflation rates of below, but close to 2% over the medium term".<ref name="1639monetary_policy">{{cite web |url=http://www.ecb.europa.eu/mopo/html/index.en.html |title=Monetary policy |access-date=18 January 2010}}</ref> Since Hungary is in the process of catching up ([[Balassa-Samuelson effect]]), the long-term objective is a slightly higher figure, around 2.3–3.2%.<ref name="2817the_optimal_rate">{{cite web|url=http://www.mnb.hu/Resource.aspx?ResourceID=mnbfile&resourcename=ht2004_1_en|title=The Optimal Rate of Inflation in Hungary|publisher=Hungarian National Bank|year=2004|access-date=1 November 2009|author1=Gergely Kiss|author2=Judit Krekó}} {{dead link|date=September 2017 |bot=InternetArchiveBot |fix-attempted=yes}}</ref> Therefore, the medium term inflation target of the Hungarian National Bank is 3%.<ref name="4383k_zlem_ny_a_k_z_pt_v">{{cite web |url=http://www.mnb.hu/Engine.aspx?page=mnbhu_monet_kozlem&ContentID=7139 |title=Közlemény a középtávú inflációs cél kitűzéséről (Announcement on Mid-term Inflation Plans) |date=25 August 2005 |publisher=Hungarian National Bank |language=hu |access-date=18 January 2010 |url-status=dead |archive-url=https://web.archive.org/web/20081116105521/http://www.mnb.hu/Engine.aspx?page=mnbhu_monet_kozlem&ContentID=7139 |archive-date=16 November 2008}}</ref>

Concerning the exchange rate system, the [[floating exchange rate]] system is in use since 26 February 2008, as a result of which HUF is fluctuating in accordance with the effects of the market in the face of the reference currency, the euro.

[[File:Forintexchange.png|thumb|right|180px|Forint exchange rates from June 2008 to September 2009]]

The chart on the right shows forint exchange rates for the [[British pound]] (GBP), [[euro]] (EUR), [[Swiss franc]] (CHF), and the [[U.S. dollar]] (USD) from June 2008 to September 2009. It indicates that a relatively strong forint weakened during the [[Great Recession]], and that its value increased afterwards.

Compared to the euro the forint was at peak on 18 June 2008 when 1000 Ft was €4.36 and €1 was 229.11Ft. The forint was worth the least on 6 March 2009; this day 1000 Ft was €3.16 and €1 was 316Ft).

Compared to USD, most expensive/cheapest dates are 22 June 2008 and 6 March 2009 with 1000HUF/USD rates 6.94 and 4.01 respectively.

On 24 March 2015 the Euro was at 299.1450 and USD was at 274.1650,