Since , inflation is in single digits, and the forint has been declared fully convertible. The forint's name comes from the city of Florence , where gold coins called fiorino d'oro were minted from In Hungary, florentinus later forint , also a gold-based currency, was used from under Charles Robert , with several other countries following Hungary's example.

Between and the forint was the name used in Hungarian for the currency of the Austro-Hungarian Empire , known in German as the gulden or florin.

This was brought about by a mixture of the high demand for reparations from the USSR , Soviet plundering of Hungarian industries, and the holding of Hungary's gold reserved in the United States.

The different parties in the government had different plans to solve this problem. To the Independent Smallholders' Party —which had won a large majority in the Hungarian parliamentary election —as well as the Social Democrats , outside support was essential.

However, the Soviet Union and its local supporters in the Hungarian Communist Party were opposed to raising loans in the West, and thus the Communist Party masterminded the procedure using exclusively domestic resources.

The Communist plan called for tight limits on personal spending as well as the concentration of existing stocks in state hands.

In fact, this was an imaginary exchange rate. The "B" stood for an old-style "billion", i. Since , one forint has typically been worth about half a US cent or slightly less.

The Hungarian abbreviation for forint is Ft , which is written after the number with a space between. When the forint was introduced, its value was defined on the basis of 1 kilogram of gold being 13 forints.

After its introduction, the forint remained stable for the following two decades, but started to lose its purchasing power as the state-socialist economic system Planned economy lost its competitiveness during the s and s.

The silver 5 forint coin was reissued only in the next year; later it was withdrawn from circulation. In , a 5 forint coin was reintroduced, followed by a 10 forint in and 20 forint in From , a bicolor forint coin was minted to replace the version, since the latter was considered too big and ugly, and could easily be mistaken for the 20 forint coin.

Silver forint coins were withdrawn in as their nominal value was too low compared to their precious metal content ; the 1 and 2 forint coins remained legal tender until 29 February A new series of higher quality banknotes in denominations of 10, 20 and forints were introduced in and A completely redesigned new series of banknotes in denominations of , , 1,, 2,, 5,, 10, and 20, forints was introduced gradually between and Each banknote depicts a famous Hungarian leader or politician on the obverse and a place or event related to him on the reverse.

All of the banknotes are watermarked , contain an embedded vertical security strip and are suitable for visually impaired people.

The 1, forints and higher denominations are protected by an interwoven holographic security strip. The banknotes are printed by the Hungarian Banknote Printing Corp.

Commemorative banknotes have also been issued recently: 1, and 2,forint notes to commemorate the millennium in and a forint note to commemorate the 50th anniversary of the revolution in Forgery of forint banknotes is not significant.

However, forged 20,forint notes printed on the paper of 2,forint notes after dissolving the original ink might come up and are not easy to recognize.

Another denomination preferred by counterfeiters was the 1,forint note until improved security features were added in Worn banknotes not anymore fit for circulation are withdrawn, destroyed and turned into briquettes which are donated to public benefit charitable organizations to be used as heating fuel.

In , a new revised version of the banknote series was gradually put into circulation beginning with the 10, Ft banknote in and completed with the Ft banknote in Sources : arfolyam.

From Wikipedia, the free encyclopedia. Currency of Hungary. This section needs additional citations for verification.

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February Learn how and when to remove this template message. Main article: Coins of the Hungarian forint. Main article: Banknotes of the Hungarian forint.

This section's wikitables is missing information about the forint's rates. Please expand the section's wikitables to include this information.

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