The National Bank of Hungary (MNB) today launched a new HUF 500 banknote. The new banknote will be available for the general public starting from February 1, 2019, while the old notes will be withdrawn by October 31, 2019.
The central bank launched its banknote redesign program in 2014, with the most recent new note, the HUF 1000, launched in March this year. The last in the series is the HUF 500 note, to be upgraded starting today, according to an MNB press release.
The new banknotes will be issued in two stages. First, with the announcement of the MNB’s decree on banknote issuance, the upgraded HUF 500 banknote will become national legal tender from July 4, 2018.
This will be followed by the preparation of key participants in currency circulation for the issuance of the new HUF 500 notes. Over the coming months, the most important task will be to make existing machines and ATMs that accept and process banknotes able to handle the new note.
The general public will be able to use upgraded HUF 500 notes from February 1, 2019, after the preparation period has ended. Customers will still also be able to use the current HUF 500 note until October 31, 2019. After that date, the MNB will withdraw the old notes, and from November 1, 2019 only the upgraded HUF 500 notes will be usable in day-to-day transactions.
The press release stresses that the old banknotes will not lose their value for many years following withdrawal. After the withdrawal date, credit institutions and post offices will continue to exchange the old notes for new legal tender of the same denomination for three years, while the MNB will continue to exchange them for 20 years, i.e. until October 31, 2039.