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

Deals

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.

ADVERTISEMENT

COVID changes workplace preferences of office workers Analysis

COVID changes workplace preferences of office workers

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Dentons rehires banking and finance partner Appointments

Dentons rehires banking and finance partner

Budapest hosting 2024 Chess Olympiad City

Budapest hosting 2024 Chess Olympiad

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.