Hungarian forint soars to three-year high after Orbán's party's defeat
The opposition's victory in Hungary's parliamentary elections is seen as a favorable outcome for markets, Bloomberg writes
Photo: Unsplash / Collab Media
The forint strengthened sharply after the opposition's victory in Hungary's parliamentary elections. As of 22:02 Budapest time, the forint appreciated 1.7% to 368.06 to the euro, the highest level since mid-2023, Bloomberg writes.
Prime Minister Viktor Orban, who has been leading Hungary for 16 years, has conceded defeat to his party. According to the processing of 67% of ballots, Peter Magyar's pro-European opposition party Tisza won 69% of mandates, while Orban's Fidesz party won 28%.
For investors, the opposition's victory is a favorable outcome, Bloomberg writes. Magyar's rise to power is expected to help unlock access to billions of euros of funding from the European Union. The Tisza leader also promised to take steps for Hungary's entry into the eurozone, which will lower the cost of borrowing for the state.
This article was AI-translated and verified by a human editor
