In 1981 Hungary established a unified exchange rate and became the first Comecon country to permit limited convertibility of its currency. At the same time, the Hungarian National Bank began adjusting the exchange rate of the forint (for value of the forint--see Glossary) on a daily basis against a weighted basket of nonconvertible currencies, using a variety of criteria including export and domestic producer prices. The exchange rate functioned as a domestic price-setting guide that to a certain degree reflected world market prices.
Data as of September 1989