Forints

The forint (symbol Ft, ISO code HUF) is the currency of Hungary. It is issued by Magyar Nemzeti Bank (MNB), Hungary’s central bank. The forint is subdivided into 100 fillér; fillér coins have not seen regular use for many years, and the fillér is effectively obsolete in daily transactions.

History: The forint was introduced on 1 August 1946 to replace the pengő after severe hyperinflation. The new currency quickly stabilized prices and laid the groundwork for postwar recovery. Since then, the forint has been Hungary’s monetary unit through periods of reform, transition to a market economy, and 20th–21st-century economic changes.

Monetary policy and exchange rate: The forint is a fiat currency with a floating exchange rate, managed by the MNB. Hungary follows an inflation-targeting framework; the central bank uses interest rate policy and other tools to steer inflation toward its target and to maintain financial stability. The forint’s exchange rate is determined on the foreign exchange market, with occasional interventions to dampen excessive volatility.

Coins and banknotes: Circulating coins include denominations such as 5, 10, 20, 50, 100, and 200 forints. Banknotes in common use include denominations such as 1000, 2000, 5000, 10000, and 20000 forints. The designs reflect Hungary’s history and culture, and new issues occur as needed to maintain security and durability.

Usage: In Hungary, the forint is the legal tender for all payments. It is not typically used outside the country, where other currencies are generally accepted only in limited circumstances or as souvenirs.