Budapest - The Hungarian forint, fell to its lowest point ever against the euro on Tuesday morning, trading at around 287.5, having already hit a record low of 286.5 on Monday evening.

It was also at a ten-week low against the Swiss franc and the dollar, trading at levels not seen since late October.

On October 22 the Hungarian central bank called an emergency meeting at which it hiked its base rate from 8.5 to 11.5 per cent to prevent speculators from driving the vulnerable currency into the ground.

The continuing slide of the forint is worrying news for ordinary Hungarians, as the bulk their of their mortgages and personal loans are denominated in foreign currency, particularly the Swiss franc.

The forint fell to less than 193 against the Swiss franc on Monday morning, after trading at below 150 for most of last summer. If this low level is sustained, most Hungarians with credit will see their repayments rise even further. (dpa)