Life in Hungary - Exchange Rate

We have lived in Hungary a little over seven years now.  There are some differences between Hungarian and American life that we have pretty much gotten used to, but still affect how we live and work here in Hungary.  So today we are starting a short series about those differences.

One item we pay close attention to is the US dollar/Hungarian forint exchange rate.  We pay for everything here in Hungary in forint, so we must exchange our US dollars into forint.  Exchanging money is not free.  We are charged about three percent of every dollar we exchange for forint. 

During our time here, the exchange rate has averaged about 220 forint for each dollar, going as low as 180 forint per dollar.  In the last couple of months, though, it has gone higher than we have ever seen it, to about 270.  That is good news for us, but not so good for Hungarians.  It means that American goods are more expensive for Hungarians.  But, it also means that our dollars go further here.  It is good news for INSTE because more translation work can be done for less cost.  It also means that more work can be done with the generous donations of Americans. 

No one knows how long the exchange rate will stay where it is.  One thing we know is that it can be quite unstable.  But that's life in Hungary!  Thanks for your generous donations and faithful prayers!