Hungarian forint sinks after news about talks halted with IMF and EU

The recent International Monetary Fund and European Union announcement that they have halted talks with the Hungarian government which were supposed to unlock a new loan installment for the country has sent the Hungarian currency down on Monday, according to international media. The forint had depreciated by 2.8 percent against the euro during the morning, reaching the same low level as on June 7, when its trading was affected by political statements comparing the country to Greece. The IMF and the EU have asked Hungary to take additional measures to reach its budget deficit target of 3.8 percent of the GDP for this year and under 3 percent for next year. Romania is expecting an IMF review mission to Bucharest on July 26th. Read more about the situation in Hungary in our previous article here.