It has been the third year that the Institute for Economic and Enterprise Research conducted a research about the effects of the widening of the exchange rate fluctuation range on the profitability based the answers of 500 export-oriented companies. As in 2001, 383 companies were willing to fill out our survey, and one year later 256 companies did so again, we asked them for the third time in 2003 as well. This time, 196 executive personel declared their opinions. Our study is based on their answers.