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Another Good Year for the Forint in 2026?
2025 was a good year for the Hungarian forint in light of weak demand, lower inflation and a supportive external balance.
And 2026 will likely be the same. The MNB is in no hurry to ease, real interest rates are solidly in positive territory and there's no sign of credit or demand pressures going into the new year. We were on the sidelines with HUF in 2025, but are now taking up the carry trade for a while.
Meanwhile, there's still no end to the equity rally. CEE stock indices continue to "blow the doors off" the rest of EM, in Hungary's case led by main listed name OTP Bank. As before, however, this is not a reflection of Hungarian macro trends at home.
Another Good Year For the Forint in 2026? (PDF)
Corporate Chartbook
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