Hungarian forint: course, features and interesting facts
In Hungary, the national currency is the national currency. This currency received the name from the name of the city of Florence, in which they began the production of gold coins of the same name in the 13th century. Then the term fiorino d’oro was used in the designation, which means “golden forint”. According to the international standard ISO 4217, the Hungarian forint has the designation HUF and code 348.
Hungarian currency in the 19th and 20th centuries
Throughout almost the entire XIX century, the Hungarians forint called the monetary unit used in the territory of the Austro-Hungarian Empire - the crown or kreutzer. One crown consisted of one hundred hellers. From 1927 to 1946, the currency in Hungary was a local penge, which consisted of one hundred fillers. But this monetary unit was subjected to a huge devaluation caused by the consequences of the Second World War and the post-war state of the economy.
On August 1, 1946, the country's leadership launched into circulation a new currency - the Hungarian forint.It should be noted that at the time of withdrawal from circulation of old banknotes, they were subjected to the largest inflation in history. So, when exchanging for 1 forint, it was supposed to give 400 octillion peng.
The Newest History of the Hungarian Currency
One forint includes one hundred fillers, but since 1999 this changeable unit has been withdrawn from circulation. It will be incidentally noted that its name comes from the word vierer, which translates as "four." With the help of this term they denoted the Austro-Hungarian coin worth 4 kreutzers.
A few years ago, namely on November 16, 2015, the forint was included in the number of freely convertible currencies that can be used when making payments in the international payment system CLS. Recently, the monetary unit of Hungary is characterized as a stable currency. The Hungarian forint to the US dollar has a rate of approximately 256 to 1.
Hungarian currency issue
The issue of the Hungarian forint is the responsibility of the National Bank of Hungary. Today, under the leadership of this financial institution, paper notes in denominations of five hundred, one thousand, two thousand, five thousand, ten thousand and twenty thousand forints have been issued.In addition, coins of five, ten, twenty, fifty, one hundred and two hundred Hungarian forints are involved in the turnover. The mint located in the capital of Hungary, the city of Budapest, is directly involved in the manufacture of banknotes. Hungarian forint rates for some world currencies will be presented below.
How is this currency unit quoted? For example, the exchange rate of the Hungarian forint to the euro is 313 to 1, and relative to the Ukrainian hryvnia - 9.79 to 1. Hungarian currency rates in relation to the ruble are constantly fluctuating due to recent geopolitical events.
Withdrawal of Hungarian currency from circulation
The manufacture and launch into circulation of new banknotes of the Hungarian forint, as already mentioned above, is within the competence of the National Bank. In addition, his duties include the removal of obsolete notes from circulation, as well as maintaining a stable exchange rate of the Hungarian forint to the dollar and other reserve currencies. It will be incidentally to say that today's banknotes have been in use for about ten years, while the previous series lost the status of legal tender in 1999. It should be noted that the Hungarian National Bank exchanges currency, issued into circulation only as a forint. Peng are not subject to exchange.Paper notes withdrawn from circulation can be exchanged at special offices of the Hungarian National Bank. In total there are three of them. Hungarian forint exchange rate at 1 to 1 exchange.
Since June 2007, the main financial institution of the country has begun withdrawing from circulation banknotes of one thousand forint issued before 2006. It was about banknotes not protected by a metal strip of red copper color on the reverse of the bill. The number of withdrawn from circulation forints hit and samples issued on the occasion of the Millennium. This series remained legal tender until August 31, 2007.
After this date, such banknotes were no longer accepted for payment, but they could be exchanged for new ones in commercial financial institutions. It should be noted that the Hungarian National Bank guaranteed the possibility to change such copies until August 31, 2027, that is, for twenty years from the moment of their withdrawal from circulation. The Hungarian forint against the euro and the dollar has a stable exchange rate, including thanks to the policies of the country's main financial regulator.
Appearance of banknotes
More detail should be focused on the appearance of the Hungarian forints.It should be noted that the design of these monetary units and their decoration are quite attractive. Thus, the obverse of the Hungarian paper notes contains images of prominent historical figures who, with their biography, have a particular relationship to the country.
For example, a banknote of 500 Hungarian forints includes a portrait of Prince Transylvania of Ferenc II Rakoczy. On the bill in 1000 forints you can see the image of King Matthias I, and in 2000 - Prince Gabor Bethlen. What other historical characters are found on Hungarian money? The 5000 banknote includes the image of Count István Széchenyi, King Stephen I the Holy One is imprinted on the 10,000 bill, and Ferenc Deák, a politician of the Austro-Hungarian Empire, on 20,000 forints.
The digital denomination of paper notes of the Hungarian forint is located in the upper middle fragment of the banknote, as well as in the lower right corner. The name of the issuing bank and the denomination of the banknote are indicated in words in the central part of the bill. In addition, both inscriptions are made in Hungarian. On the back of the money are the historical and memorable objects of Hungary.
Reverse Hungarian Banknotes
There is more to dwell on the design of this part of the bills. On the reverse of the banknote with a face value of five hundred forints is a castle in the city of Sarospatak, and on a thousand - the fountain of Hercules in the fortress of Visegrad. The two thousand denomination note contains an image of a canvas by Victor Madaras “Betlan among scholars”, and a banknote of five thousand denotes a family nest in Nagytsenka of the Secheni graph. Ten thousand Hungarian forints include a Hubert Satler canvas with a view of Esztergom, and twenty thousand - the first building of the National Assembly of Hungary in the capital of the state.
In 2006, a five hundred forint note was issued to commemorate the 50th anniversary of the 1956 Hungarian uprising. The design of the obverse of the banknote is the same as that of the samples of the previous series, but supplemented by the date of October 23, 1956. On the reverse of the bill there is a parliament building and a banner of revolution.
It should be noted that the design of metal forints is an artistic value and you can dwell on their design. The obverse of coins includes images of birds, plants, memorable objects, as well as other symbols of Hungary.The dignity of metal forints, as well as the year of manufacture, are written in words along the perimeter from the edge.
For example, the obverse of a 5 forint coin contains an image of a great egret. The national emblem of Hungary is affixed to 10 and 100 forints, and a local iris can be seen on 20 forints. Coins of 50 and 200 forints contain images of, respectively, the Saker and the chain bridge in Budapest. The reverse of metallic Hungarian forints includes a digital denomination, as well as engraving “Forint” and an edging around the perimeter in the form of an ornament.
Ten and fifty Hungarian metal forints are minted from a copper-nickel alloy, and five and twenty are made of nickel-brass. But the coins of one hundred and two hundred forints are produced by a special technology. So, for the manufacture of the first of them used brass-plated steel, which is made from the middle of the product. The rim of the coin is made of stainless steel. In two hundred forints, on the contrary: the middle of the coin is made of stainless steel, and the ring is made of brass. Like paper notes, metal money is made in Budapest by the Hungarian Mint.
Currency Exchange in Hungary
Today, the exact exchange rate of the Hungarian forint to the ruble is 4.16 to 1. Acquiring them in Hungary itself is not a difficult task. You can exchange your own monetary units for local currency in numerous bank branches, as well as in specialized outlets, in a large number available not only in Budapest, but also in other large settlements of the country.
It should be noted that the most favorable rate to exchange the Hungarian forints can be found in banking institutions. The fact is that in exchange offices an additional commercial percentage is charged for each operation. You should also pay attention to the fact that when visiting Hungarian resorts, for example, Lake Balaton, currency exchange offices are even found directly on the beaches. In addition, you can purchase local currency or other banknotes in hotels.
However, the already mentioned commercial percentage here will be even higher than in urban institutions. To date, the exact exchange rate of the Hungarian forint to the euro is 312.90 to 1. It should be recalled that the leadership of Hungary has long declared the desire to join the Eurozone.True, as in a number of other Eastern European countries, the Hungarian government refused to set a target date for the adoption of the euro.