Economy of Hungary public sector spending falling from 62% of GDP to below 50%—the current account deficit was reduced to 2% of GDP, and government debt was paid down to 94% of annual export earnings. The Government of Hungary no longer requires IMF financial assistance and has repaid all of its debt to the fund. Consequently, Hungary enjoys favorable borrowing terms. Hungary's sovereign foreign currency debt issuance carries investment-grade ratings from all major credit-rating agencies, although recently the country was downgraded by Moody's, S&P and remains on negative outlook at Fitch. In 1995 Hungary's currency, the Forint (HUF), became convertible for all current
Pound (currency) Pound (currency) The pound is a unit of currency in some nations. The term originated in the Frankish Empire as a result of Charlemagne's currency reform ("pound" from Latin "pondus", a unity of weight) and was subsequently taken to Great Britain as the value of a pound (weight) of silver. The English word "pound" is cognate with, among others, German "Pfund", Dutch "pond", and Swedish "pund". All ultimately derive from a borrowing into Proto-Germanic of the Latin expression "lībra pondō" ("a pound by weight"), in which the word "pondō" is the ablative case of the Latin noun "pondus" ("weight"). The