What happened to the Hungarian forint and why?

Over the past few months the forint was steadily becoming stronger, with all the positive and negative consequences of a strong currency. It was a bonanza for those people who bought their apartments or houses by taking out mortgages in Swiss francs or euros. It was made foreign travel less expensive for Hungarian tourists. On the other hand, it was not so good for Hungarian exports or the rate of inflation.

But on Friday, suddenly, out of the blue it seemed, the Hungarian forint lost 1.88% of its value. It happened around 3:00 p.m. By 4:00 one euro was worth 247.10 forints whereas a day earlier the exchange rate was 242.60 forints to one euro.

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money, forint, value, currency