Economy of Hungary inflation rates of below, but close to 2% over the medium term". Since Hungary is in the process of catching up (Balassa-Samuelson effect), the long-term objective is a slightly higher figure, around 2.3-3.2%. Therefore, the medium term inflation target of the Hungarian National Bank is 3%. Concerning the exchange rate system, the floating exchange rate system is in use since 26 February 2008, as a result of which HUF is fluctuating in accordance with the effects of the market in the face of the reference currency, the euro. The chart on the right shows forint exchange rates for the British
Khaleeji (currency) on November 23, 2009, statements by the UAE Central Bank Governor Sultan bin Nasser al-Suweidi stated that the greatest obstacle was the lack of a precursor unit of account. The currency, if adopted, would be the sole legal tender in Saudi Arabia, Kuwait, Bahrain and Qatar. Oman and the UAE have announced that they will not adopt the new currency until further notice. It would be seen as a further step in the expanding remit of what was originally intended as an organization for security cooperation between the GCC states, which then grew into an economic agreement and a customs