The currency of Hungary is the forint. Its abbreviation and symbol are “Ft” and its ISO-4217 code is “HUF”. The forint is used exclusively in Hungary.
History of the forint
The introduction of the forint dates back to 1325. Responsible for this was King Karl Robert von Anjou, who introduced this currency to what was then Hungary around 1325. The name forint comes from a gold coin named after the city of Florence. The 14th and 15th centuries were strong currency years for the forint. Existing until the 19th century, there was a first change from forint to the Hungarian crown, introduced by the new government after Hungary’s liberation and then replaced by the currency pengö in 1925.
The next major currency change occurred after the end of World War II. Hungary found itself in a difficult country situation. While the German army withdrew from Hungary, the country was occupied by the Red Army. The beginning of inflation was in sight, because the prices of goods and goods rose even though there was hardly any economy. Machines and cattle could no longer serve the land. Despite a land reform, which was initiated in favor of the peasants when the farmers’ party won the election in 1945, poverty increased among the population. The allotment of land was too small to cover everyday maintenance.
Until November 1945, the largest note was the 1,000 Pengö note. Less than half a year later, the central bank was forced to put larger currencies into circulation for the first time. It started with 1 millpengö, which corresponded to a million pengö, and ended with the trillion pengö. As a result, it was no longer possible for the population to get by with their finances.
The only way to stop this situation was to reintroduce the currency forint. On August 1, 1946, the time had come. The forint and the resulting devaluation of the pengo put an end to inflation, the economy picked up and the population was not only able to provide enough for a living, but also to build wealth again.
Currency exchange in Hungary
Although Hungary has already been admitted to the EU, the forint has not yet been replaced by the euro. For travelers to Hungary, it is better to change the amount of money in the country. For one euro you currently get around 282.10 forints. There are exchange offices and ATMs in every holiday resort, as well as banks, which make it easy to exchange. You should refrain from trading on the open road. Often enough, this has already brought counterfeit money into circulation.