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Hungarian forint turns 70

History

Hungarian citizens have used the forint as their currency for the past 70 years, after its reintroduction on August 1, 1946, considered by many a crucial step in the post-WWII stabilization of the Hungarian economy.

The name of the currency originates from the city of Florence, where gold coins were minted from 1252 called fiorino dʼoro, according to an announcement issued by the National Bank of Hungary (MNB) today. 

The forint was reintroduced in 1946, after the previous pengő currency became almost worthless due to hyperinflation in 1945-46. Earlier, between 1868 and 1892, the Austro-Hungarian Empire used a currency similarly called the forint.

Though Hungary is part of the European Union, the adoption of the euro as a common currency, which would spell the end of the forint, is not yet planned by leading politicians. Although Minister for National Economy Mihály Varga said in July the euro could be introduced at the end of the decade, he toned down his opinion on the matter within a few days.

Critics believe the Hungarian government is not planning to scrap the forint in favor of the euro, an observation which is supported by the revamp of Hungarian banknotes.

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