Is it time to save in dollar?
You can buy the dollar in a billboard near our office for just 308.5 HUF. This is quite favorable compared to the values of recent weeks. So we’ve collected the best dollar deposits to give you where to put your dollar savings.
Good Finance analyst says
“Important factors pointing to the depreciation of the Forint (eg negative real interest rate due to deep-cut base rate, Fed liquidity pump stop)” … would not be surprising if the upcoming weeks restart gradual depreciation of the forint. ”
We do not know how the forint will turn out in the next period, but we have just collected the best dollar deposits for those who think it is time to put aside the forint and the dollar.
Let’s see how much interest I can expect if I set it aside in dollars
First we need to switch to dollar and then back to the same forint at the end of the savings if we want to compare different savings. Since we calculated $ 5,000 at the time of writing our table, we estimate $ 1 million at $ 541,000. After all, we could buy the right amount of money under our office for that much money.
Under the best conditions for a forint deposit, we get a total net interest of HUF 52,406, which compares how much we can mow or fail with the cost of exchange rates if we now choose to save the dollar and the price moves in different directions.
As we can see from the board, the picture is quite mixed
The best forint deposit yields are now around 4 percent under the above conditions. Compared to this, it seems that even with a 10 forint depreciation, our money is not worth paying in dollars at a bank that pays only around 2 percent interest on our savings. However, 4.7% of the Goodbank is already sufficient to cover the risk of a small forint appreciation.
If we were to peg the dollar, we would just do it here. The only deterrent is that the bank has only 1 branch, and we cannot deposit money through internet bank.