Hungary’s euro adoption could take place as early as 1 January 2032 if the country meets the necessary economic criteria by 2030, according to a senior official at the National Bank of Hungary (MNB). The timeline provides one of the clearest indications yet of how Budapest could eventually replace the forint with the European single currency.
Zoltán Kurali, deputy governor of the MNB responsible for monetary policy, told Reuters that Hungary could enter the Exchange Rate Mechanism, known as ERM II, by early 2029 at the latest if the government follows through on its commitment to meet the conditions for euro membership by 2030.
“The earliest date to adopt the euro could be January 1, 2032, if Hungary meets the Maastricht criteria by 2030,” Kurali told the news agency.
The remarks are significant because Hungary currently has no official target date for introducing the euro, despite having committed to eventually adopting the common currency when it joined the European Union in 2004.
The issue has gained new momentum in recent months. Daily News Hungary reported in June that the new Hungarian government aims to meet the conditions required for eurozone membership by around 2030.
Why Hungary’s euro adoption cannot happen immediately
Joining the eurozone is not simply a political decision. Countries must satisfy a series of economic and legal requirements before they can replace their national currency.
According to the European Commission, the four main convergence criteria concern price stability, sustainable public finances, long-term interest rates and exchange-rate stability.
A country must also participate in ERM II for at least two years without severe exchange-rate tensions or devaluing its currency against the euro.
Hungary is not currently a member of ERM II. This explains why even if Budapest moves quickly towards euro adoption, several years would still be required before the forint could disappear.
Fiscal policy is another major challenge. As Daily News Hungary reported in August, Finance Minister András Kármán outlined plans to bring Hungary’s budget deficit below the EU’s 3% threshold as part of the government’s efforts to meet the Maastricht criteria by 2030.
Hungary could enter the euro ‘waiting room’ in 2029
ERM II is often described as the eurozone’s “waiting room”. A country’s currency participates in the mechanism before it can eventually be replaced by the euro.
Kurali said the government’s pledge to meet the euro-entry conditions by 2030 implies that Hungary could enter ERM II by early 2029 “at the latest”.
The process would represent a major change for Hungary after more than two decades of EU membership without a concrete timetable for adopting the common currency.
The country’s central bank has also recently placed greater emphasis on the issue.
Earlier this month, Daily News Hungary reported that MNB Governor Mihály Varga had called for a “disciplined, coordinated strategy” for euro adoption, stressing that the Hungarian economy must be properly prepared before joining the single-currency area.
According to the National Bank of Hungary, Hungary met the relevant inflation reference value this year after failing to satisfy any of the convergence requirements in 2024 or 2025. Annual inflation stood at 1.3% in August.
However, inflation is only one part of the equation. Sustainable public finances, government debt and long-term interest rates will also play an important role in determining whether Hungary is ready to join.
2032 or 2033? Forecasts differ on Hungary’s euro timeline
Kurali’s 2032 scenario is slightly more optimistic than some recent market forecasts.
Just a day earlier, Daily News Hungary reported that analysts at Equilor Investment had identified 2033 as the earliest realistic date for Hungary to adopt the euro.
The difference is relatively small but illustrates the uncertainty surrounding the process. Both scenarios depend on Hungary meeting the Maastricht convergence criteria, entering ERM II and maintaining the required economic stability.
Neither 2032 nor 2033 should therefore be interpreted as a confirmed date for the end of the Hungarian forint.
Euro plans could affect Hungarian interest rates
The renewed push towards Hungary’s euro adoption could have consequences well before the currency itself changes.
The MNB kept its base rate unchanged at 5.5% this week after four rate cuts this year. Kurali nevertheless told Reuters that another reduction could still be possible before the end of 2026.
Much would depend on international market conditions as well as the government’s fiscal plans. Kurali said the 2027 budget and a medium-term fiscal plan expected from the government in October would be important factors in determining whether there is room for another rate cut.
A September Reuters survey of economists had a median forecast of one further 25-basis-point reduction before the end of the year.
Kurali also argued that launching a credible euro-adoption process could improve investors’ perception of Hungary’s risk profile.
Hungarian assets have already attracted increased international attention. Reuters reported, citing Deutsche Bank, that foreign investors have poured more than USD 13 billion into Hungary’s local bond market since the beginning of the year.
What would adopting the euro mean for Hungary?
Hungary is now one of the EU member states that have yet to adopt the single currency.
Following Bulgaria’s adoption of the euro on 1 January 2026, the currency is used by 21 EU member states. Hungary, Czechia, Poland, Romania and Sweden remain outside, while Denmark has a formal opt-out.
Hungary does not have such an exemption and is therefore expected to adopt the euro once it meets the necessary conditions.
For Hungarian households, businesses and foreign visitors, joining the eurozone would represent one of the country’s most significant economic changes since EU accession. It would eliminate the need to exchange forints and euros, remove exchange-rate risk within the eurozone and place Hungarian monetary policy within the framework of the European Central Bank.
The 2032 date, however, is not a government deadline. It is the earliest possible scenario outlined by the central bank’s deputy governor, conditional on Hungary meeting the Maastricht criteria by 2030 and successfully completing the required ERM II period.
For now, the forint is staying. But after years without a concrete timetable, the discussion over Hungary’s euro adoption is increasingly shifting from whether the country will eventually join the single currency to how – and how soon – it could realistically get there.
