New Ft 2,000 and Ft 5,000 banknotes quick to replace old ones


Just a day after entering circulation, redesigned HUF 2,000 and HUF 5,000 banknotes have already replaced 7% of their predecessors, the National Bank of Hungary (MNB) announced today.

The new banknotes (photo: official MNB Facebook page)

The central bank commented that most ATMs now only supply the revamped notes, which hold enhanced security features making them more difficult to counterfeit.

The new banknotes entered circulation yesterdayIt is likely to take a few months before the new notes become widespread, said Ferenc Gerhardt, deputy governor of the MNB, at a press conference earlier. The old notes will stay in circulation until the end of July. As of August 1, only the new notes will be accepted. 

The MNB announced in September 2014 that new Hungarian banknotes will be printed in the period of 2014-2018, the newly issued notes being harder to counterfeit. Opposition parties immediately criticized the government, saying that the revamp suggested that it had dropped plans to introduce the euro. MNB Governor György Matolcsy said at the end of last year that the earliest Hungary could adopt the euro as its currency may be no sooner than in 15 years, meaning 2031.

So far HUF 10,000 and HUF 20,000 banknotes have been revamped. With the addition of HUF 2,000 and HUF 5,000 notes, only the HUF 1,000 and HUF 500 notes have yet to undergo a redesign.


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