Economy of Hungary city competitiveness ranking by EIU, Budapest is ranked above Tel Aviv, Lisbon, Moscow and Johannesburg, among others. Hungary maintains its own currency, the Hungarian forint (HUF), although the economy fulfills the Maastricht criteria with the exception of public debt, but the ratio of public debt to GDP is significantly below the EU average at 75.3% in 2015. The Hungarian National Bank—founded in 1924, after the dissolution of Austro-Hungarian Empire—is currently focusing on price stability with an inflation target of 3%. In the age of feudalism the key economic factor was land. The new economic and social orders created private ownership
Functional currency period the exchange rate may have changed. When an accrued item is settled, the difference due to exchange rate movement in the amount accrued and the amount settled is treated as foreign exchange gain or loss. This gain or loss is recognized in the same manner as the underlying transactions, such as an ordinary travel expense. Functional currency Functional currency refers to the main currency used by a business or unit of a business. It is the monetary unit of account of the principal economic environment in which an economic entity operates. International Accounting Standards (IAS) and U.S. Generally Accepted