Hungary enjoys foreign exchange boost

Hungary saw a rise in revenue from foreign exchange last year, as the country's tourist trade enjoyed a bumper year.

The country's total revenues from foreign exchange reached €4.1 billion (£3.7 billion) during 2008, representing an 18.9 per cent increase on the previous year.

According to the Hungarian Tourism Office revealed that data from the European Central Bank showed the country had enjoyed a particularly strong final three months of the year, despite many parts of the world suffering badly as the banking crisis took hold.

Foreign tourism has been increasing in Hungary and its recent entry into the European Union has helped it become a top destination for travellers from the UK and other parts of Europe.

World Bank president Robert Zoellick recently claimed that a strong US dollar would be crucial in the fight to tackle the current financial difficulties and improve the global economic position.

Despite suggestions the dollar could lose its position as the world's global currency, Mr Zoellick told Reuters the world economy could only recover if the dollar remained in a strong position.

Click here to find out how much you can save with HiFX's Foreign Exchange services

By John Mills