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Hungary Charts

Hungary is a high-income mixed economy ranking 49th on the globe in terms of nominal gross domestic product. The Hungarian economy also has a very skilled labor force with an extremely high Human Development Index, as noted by the United Nations (UN). Much like the nearby Czech Republic and Denmark, Hungary boasts one of the lowest income inequalities the world over, moreover ranking 14th on the Economic Complexity Index, which is also maintained by the United Nations. 

Hungary is an export-oriented market economy with a heavy emphasis on foreign trade; thus, the country is the 35th largest export economy in the world. Although Hungarians produce some 80% of their exports privately, these products are taxed heavily to fund the country’s welfare program. These products accounted for more than $100 billion (USD) in exported goods in 2015, with a trade surplus of $9 billion, most of which was European Union (EU) related. This article will cover the financial system of Hungary, as well as a range of market information covering currencyfutures, and stocks

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Magyar Nemzeti Bank (MNB) or the Hungarian National Bank, is the central bank of Hungary and therefore a member of the European System of Central Banks (ESCB). Hungary’s preceding bank, the Royal Hungarian State Bank, gave way to the MNB in the 1920’s. Roughly two decades later, the new national bank issued Hungary’s proprietary currency, the forint, for the first time.

In addition to currency issuance, the MNB controls the currency already in circulation, publishes the official exchange rates, and manages gold to influence exchange rates while managing foreign exchange reserves. The bank also focuses on the price stability of the forint and a special emphasis on international relations regarding economic organizations and financial institutions, especially those of the EU. 

Hungarian Stock Exchange

Budapesti Értéktőzsde, or otherwise known as the Budapest Stock Exchange (BSE), currently ranks 2nd largest stock exchange in Central and Eastern Europe in terms of market capitalization and liquidity. The Budapest Stock Exchange accounts for all the turnover in the Hungarian market and a dominant portion of the Central and Eastern European market. The BSE is also a member of both the World Federation of Exchanges and the Federation of European Securities Exchanges, lending to its stability and reliability. The exchange was previously located in the Budapest Stock Exchange Palace building when the state was under Austro-Hungarian rule. Now however, the exchange is still headquartered in Budapest but has moved to a larger building, as a trading floor was needed until trading went virtual with the popularization of web-based trading brokers. The central bank, along with some private Hungarian investors, control the exchange. 

In 2007, BSE decided to abolish floor trading, and trading now takes place via a system named the Xetra system. This includes redundant floor brokers taking on the role of market-makers, which is not unlike trading with a dealing desk in place. Xetra forms the basis for calculating the premier Hungarian stock index but also serves as a reference market for all Hungarian equities and exchange traded funds. 

Hungarian Forex Currency (HUF)

Although a member of the European Union, the Hungarians have been planning since 2003 to adopt the euro as its official currency. At this stage, there is no target date. 

Hungary’s own proprietary currency is named the forint (written as: FT or HUF). This currency was introduced during World War II economic stabilization of Hungary during the 1940’s, which remained completely stable for approximately four decades. Hungary transformed its economy to a free market economy during the 1990’s and this had a negative effect on the forint’s value and raised inflation to almost unthinkable heights. Volatility has fallen since then, and the forint has stabilized dramatically, making it a fit candidate for conversion to the euro, although this will probably not happen for some time. 

In the forex market, this native currency is most often traded against the American dollar and the euro. It is worth noting that the USD/HUF has a negative correlation with EUR/USD counting 60-day correlations. Pairs involving the forint are not very popular and represents a small minority of the daily volume in the foreign exchange market. 

Hungarian Dollar (Forint)

The forint’s name originates in the city of Florence. Gold coins were once minted in the 13th century and they were named fiorino d’oro, or gold coin. In nearby Hungary, forint (previously florentinus) was gold based as well and came into usage during the 14th century under Charles Robert (Charles the 1st, King of Hungary at the time), and several neighboring countries followed suit.

As Hungary became the Austro-Hungarian Empire, the forint was known as a florin or gluden in German. Like most modern currencies, it can be further subdivided into 100 cents, or krajczar in the native tongue. The forint was reintroduced post World War II, after the previous currency experienced hyperinflation. The forint has remained since then, with occasional volatility, as a stable and reliable currency within the EU.

Hungarian Stocks

The Budapest Stock Exchange Index (BUX) is a major stock market index which tracks the performance of large, actively traded shares listed on The Budapest Stock in Hungary. It is a free-floating, capitalization-weighted, total return index. This sampling gives us a great idea of what sectors are the most profitable on the Hungarian exchange. Manufacturing, financial services, pharmaceuticals, and services top the list of profitable institutions traded on the exchange. While there are not many participants in this Eastern European market, international and domestic companies make up a good volume of financial wealth transferred throughout Europe. This exchange is a worthwhile place to look for niche sectors to benefit from with financial speculation. 

3 charts listed
Hungary