Fitch: Hungary could be the first to have euro in 2032

Fitch Ratings predicts Hungary could enter the ERM II exchange rate mechanism within this decade, potentially adopting the euro by the early next decade. Significant budget consolidation is necessary before this can happen. The analysis suggests euro adoption would positively impact Hungary's credit rating by reducing exchange rate risks, enhancing external payment positions, and lowering borrowing costs. Zoltán Kurali, deputy governor of the Hungarian National Bank, indicated that the earliest possible date for euro adoption is January 1, 2032, contingent on meeting Maastricht criteria by 2030.