Upgraded banknote to appear in Hungary

The National Bank of Hungary (MNB) will continue its program of upgrading Hungarian forint banknotes put in place in 2014. As part of the program, the Bank will issue into circulation an upgraded 1,000 forint note with new design elements and incorporating new security features.

Following past practice, the issue will take place in two steps. The new 1,000 forint banknotes will become national legal tender from August 24, 2017. Building on the success of previous issuances, the Bank will allow a six-month preparatory period and provide technological assistance for participants of the currency supply chain, in particular for operators of banknote-accepting and processing machines, to get ready for the introduction of the new banknotes. The upgraded 1,000 forint notes are expected to enter circulation from March 1, 2018.

The current 1000 forint banknotes will be accepted in payment in retail outlets until 31 October 2018. After that date, the notes will no longer have legal tender status and the Bank will withdraw them from circulation. Consequently, only the new, upgraded 1,000 forint notes will be accepted for payment from November 1, 2018.

Importantly, the old banknotes will keep their value for many years after their withdrawal from circulation. Credit institutions and the post office will exchange them for legal tender of the same denomination for three years, and the MNB for 20 years, i.e. until October 31, 2038, after the withdrawal deadline, a statement by MNB says.