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Upgrading the 1000 Hungarian forint banknote

Upgrading the 1000 Hungarian forint banknote

The Magyar Nemzeti Bank/National Bank of Hungary will continue its programme of upgrading Hungarian forint banknotes put in place in 2014. As part of the programme, the Bank will issue into circulation an upgraded 1000 forint note with new design elements and incorporating new security features, the central bank’s press release said.

Following past practice, the issue will take place in two steps. First, the new 1000 forint banknotes will become national legal tender from 24 August 2017. Second, building on the success of previous issuances, the Bank will allow a six-month preparatory period and provide technological assistance for participants of the currency supply chain, in particular for operators of banknote-accepting and processing machines, to get ready for the introduction of the new banknotes. The upgraded 1000 forint notes are expected to enter circulation from 1 March 2018.

The current 1000 forint banknotes will be accepted in payment in retail outlets until 31 October 2018. After that date, the notes will no longer have legal tender status and the Bank will withdraw them from circulation. Consequently, only the new, upgraded 1000 forint notes will be accepted for payment from 1 November 2018.

Importantly, the old banknotes will keep their value for many years after their withdrawal from circulation. Credit institutions and the post office will exchange them for legal tender of the same denomination for three years, and the MNB for 20 years, i.e. until 31 October 2038, after the withdrawal deadline.

Furthermore, the Bank will withdraw the old 20000 forint notes this year, on 31 December 2017. The replacement of this denomination is at an advanced stage: the new banknotes, issued in 2015, already account for 95% of 20000 forint notes in circulation.

The old 10000 forint notes will continue to be accepted for payment without limitation. The Bank will decide on their withdrawal at a later date.

Detailed, up-to-date information on the changes affecting forint banknotes is available on the Banknotes and Coins page of the MNB’s website at https://www.mnb.hu/en/banknotes-and-coins.

As we wrote on 1st of August, about 75 percent of old 2,000 forint banknotes and more than 80 percent of old 5,000 forint banknotes have been replaced with new bills, the National Bank of Hungary said.

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Source: Press release

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