The MNB has been upgrading old bills since 2014. New HUF 2,000 and HUF 5,000 bills entered circulation last spring, while old HUF 20,000 bills will be withdrawn on December 31. The old HUF 10,000 bills will remain in circulation until the MNB decides on their withdrawal at a later date, according to national news agency MTI.
As for the HUF 1,000 bill, the old notes will be withdrawn from circulation on November 1, 2018, but may still be exchanged – as is the case for other old notes – for a period of three years at commercial banks and post offices, and for 20 years at the central bank, until 2037.
The new Ft 1,000 banknote, still bearing the image of King Matthias Corvinus, will become legal tender from Thursday, but will not enter into circulation until next March, allowing sufficient time to prepare for the switchover.
Online news portal index.hu reported that the cost of the banknote upgrades will run to HUF 4-5 billion, according to preliminary calculations by the central bank.
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