Finance

King Mathias Remains On Hungary’s Upgraded 1000-Forint Banknotes

The National Bank of Hungary (MNB) is upgrading the 1,000 forint (EUR 3.3) bill with enhanced security features, the issuer said on Wednesday.

The new banknote will become legal tender from Thursday, but will not enter into circulation until next March, allowing sufficient time to prepare for the switchover. The old 1,000 forint bills will be withdrawn from circulation on November 1, 2018, but may still be exchanged for a period of 20 years at the central bank.

MNB upgraded the security features on the 10,000 forint bill late in 2014 and followed suit with the 20,000 forint bill a year later. New 2,000 and 5,000 forint bills entered circulation last spring. The central bank said on Wednesday that the old 20,000 forint bills will be withdrawn on December 31, 2017. The old 10,000 forint bills will remain in circulation until the MNB decides on their withdrawal at a later date.

via MTI