Hungarian forint turns 70
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.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.