The forint is the currency of Hungary and it is subdivided into 100 filler, although these are no longer in circulation.
Origins and history
Between 1868 and 1892, the name used in Hungary for the currency of the Austro-Hungarian Empire was «forint».
The currency used until 1946 was the pengő, and on 1st August that very same year, the forint was reintroduced. Following this, the forint remained stable for a few years but started to lose it purchasing power as the state-socialist economic system lost its competitiveness during the 1970s and 1980s. With the arrival of Capitalism in 1989 and 1990, the forint faced a yearly inflation of 35% applied for three years. However, economic reforms helped stabilizing it.
Since 2000, the relatively high value of the forint (compared to the falling of the US dollar) handicaps the strongly export-oriented industry, targeted to eastern countries, against foreign competitors with lower valued currencies.
As a result of the integration of Hungary in the European Union and its currency, the euro, the forint should disappear between 2018 and 2020, depending on the country’s economic situation.
Current Hungarian forint banknotes and coins
Today, banknotes in denominations of 500, 1000, 2000, 5000, 10 000 and 20 000 forints are in circulation.
Regarding coins, denominations of 5, 10, 20, 50, 100 and 200 forints are in use.
Interesting facts about the Hungarian forint:
- The name forint finds its origin in the city of Florence, where gold coins minted since 1252 were called fiorino d'oro.
- The forint is subdivided into fillers, which are not in circulation since 1999.
- The Hungarian abbreviation for the forint is «Ft».