According to Hungarian experts, the American stock market speculator is consciously trying to weaken the Hungarian currency. In 1992, it was the British pound, while in 1997, the exchange rates of East Asian countries collapsed due to Soros’s attacks. It is suspected that this time the billionaire not only wants to make a profit from devaluing the forint, but is also motivated by political revenge.

One Hungarian news channel, HirTV discusses the topic in detail. The channel recalled that on 10 March, the central rate of the euro was 334 forints. On 19 March, the exchange rate reached 357 forints, and a week ago for a short time it reached 370 forints, setting a historical peak against the forint.

An economic analyst told the channel that the forint exchange rate did not reflect the state of the economy.

„Economic growth in recent years has been impressive, it has been flying high, so to say, with the economy growing at a rate of 5 per cent in 2018 and around 5 per cent in 2019 again. In addition, considering every indicator important from the viewpoint of foreign investors and financial market participants, i.e. the development of the debt ratio, the budget deficit kept below the EU level, or the development of the current account balance, here I would also mention Hungary s high export surplus, we are in an exclusive club regarding the export, the foundations of the Hungarian economy are strong,” Csaba Szajlai, deputy editor-in-chief of the Hungarian business magazine Figyelo told HirTV. He added that the increase in the interest rate of the Hungarian Central Bank clearly indicates the intention to keep the forint exchange rate in order.

According to Hungarian analysts, George Soros may be behind the weakening of the Hungarian currency. The stock market speculator is taking out huge bets on the downward movement of the forint and consequently, he himself is pushing down the exchange rate. The American tycoon could be motivated not only by material gains but also by political revenge as the Hungarian government and the businessman – who presents himself as a philanthropist while he forces his „visionary” scheme onto countries – are at loggerheads over several issues.

In a detailed analysis, V4NA pointed out what economic implications could emerge after UK Prime Minister Boris Johnson had been hospitalised with coronavirus infection and the pound sterling moved lower in response. Experts agree that the currency will remain sensitive to future announcements.

The economic difficulties and exchange rate fluctuations caused by the coronavirus pandemic can make the currency a perfect target for market speculators, especially George Soros, who made his fortune by short-selling transactions. The UK would do well to keep an eye on the manoeuvres of the stock market speculator, as he has already succeeded in breaking the British pound.

16 September 1992, the day when George Soros caused the pound sterling to collapse, became known as Black Wednesday. The speculative operation, which earned the billionaire worldwide notoriety, cost British taxpayers some 30 billion euros, while Soros made some 900 million euros on the move.