Bank of America Report Lists Hungarian Forint among Most Popular Currencies in Emerging Markets
The Bank of America has released its latest report on the most popular currencies in the emerging markets of the world, and Hungary’s national currency, the forint, made the list. According to the report, those who invest in forint may make a double-digit percent profit.
Hungarian economic news daily, Világgazdaság, analyzed the report and confirmed that the forint is currently one of the favored currencies by investors despite its uncertain future. The report identifies the forint among five popular emerging market currencies, including the Brazilian real, the Indonesian rupiah, the Thai baht, and the South African rand.
David Hauner, a strategist at Bank of America, predicts a 12 percent yield in USD for the Hungarian forint, with some cases reaching 20 percent. The report further projects a 360/EUR exchange rate by end-2024, a level previously reached by the forint in late 2021 and early 2022.
However, the report also indicates that the forint is exceptionally vulnerable to global crises. Nonetheless, the Bank of America recommends investors to buy forint instead of Polish zloty, given the vulnerability of all emerging markets and their need for a weak dollar to strengthen their currencies.
Despite the positive outlook for the forint, Hungarians remain apprehensive about their national currency and continue to purchase a large amount of foreign currency.