New Hungarian Forint Bills on the Horizon – UPDATED INFORMATION

Mnb.hu reports that as part of the program of the Hungarian National Bank to replace the old Hungarian banknotes, from 1 March 2018 onwards, new 1,000-forint banknotes are going to be issued while the present bills remain in circulation until 31 October 2018. It is still not decided, however, what is going to happen with the old 10,000-forint banknotes.  Here is the latest information about Hungarian denominations!

The Hungarian National Bank started its program about the renewal of forint banknotes in 2014 with the aim to completely replace the old banknotes with those containing uniform and updated security elements that are also easily detectable by automated machines.

In the last few years, out of the 6 denominations, 4 have been replaced with new bills, and the withdrawal of the 20,000-, 5,000- and the 2,000-forint banknotes have also taken place. For this reason, only the redesigned banknotes of these are accepted for payment.

It is important to know, however, that the Hungarian National Bank has not yet decided on the withdrawal of the 10,000-forint banknotes. Therefore, the old and the new versions are in circulation until further notice. Furthermore, it is not rare either that in case of cash withdrawals, automated teller machines give out the old denominations that are still accepted for payment without problem.

The new 1,000-forint banknotes are going to be issued from 1 March 2018, but the old versions of them are still accepted until 31 October. In connection with the renewal of the notes, changes have been made to Hungarian ATMs to accept the newly issued banknotes, too.

Furthermore, the Hungarian National Bank draws the attention of all the operators of parking ticket machines and vending machines to prepare their devices to the acceptance of the 1,000-forint banknotes so that inhabitants could smoothly use the new paper money.

A further noteworthy fact is that the replaced bills do not lose their value as Hungarian commercial banks and post offices exchange them for new bills of the same value free of charge for 3 years, while the Hungarian National Bank trades those for 20 years.

Featured image: Daily News Hungary

Source: mnb.hu