Currency of Hungary: history and current situation

Hungary is a full member of the EuropeanUnion since 2004. But, despite this, the national currency is still the forint. According to forecasts, Hungary will become one of the last countries to switch to the common European currency - this will happen in the next two years

Official data

The monetary unit of Hungary at the internationalthe currency market is designated HUF, and internally on all price tags is written as FL. Officially, one forint is equal to one hundred fillers, but in practice, fillers have long since emerged from turnover due to high inflation. The smallest changeable coin that can now be found is 1 forint. And the biggest banknote is 20 000 forints.

History

The current currency of Hungary takes its name fromthe Italian city of Florence, where gold florins were minted. In the middle of the 19th century, the forint was the monetary unit of Austria-Hungary. And only after the end of World War II forints became the official currency, replacing the Penge, which disappeared due to hyperinflation.

In the 70-80s of the 20th century the Hungarian currency graduallydepreciated due to the weakness of the socialist economy. After the democratic changes took place in 1989-90, inflation reached 35% per annum - it was during this period that the fillers disappeared from the turnover. But the economic situation in the country has gradually improved, and the forint has significantly strengthened its position in the world market. The opposite problem has arisen: the high cost and stability of the forint significantly hampered the development of the country's exports.

At the beginning of the new millennium, a law was adopted, according to which the currency of Hungary can only be traded within 240.01 - 324.71 forints for one euro.

Appearance

Forints have a high degree of protection fromfakes - they have protective threads, watermarks, holographic strips. If you look at the gap, the forint will necessarily contain the abbreviation of the national bank or the coat of arms of the country. The currency of Hungary is made in two basic colors - light green and light purple. The images on the bills are quite traditional - these are the famous Hungarian historical figures Lajos Koshuta, Istvan Sechenia, Istvan Svyatoy and others.

Rules of exchange and recommendations

The currency in Hungary is exchanged inspecialized official points. Exchange check is better to keep, so that there are no conflicts with local authorities. It is allowed to exchange in banks, travel agencies, post offices, hotels and exchange offices. Travel agents charge 1% of commissions for exchange, and in post offices the rate may be lower than the market rate.

It is better not to change large sums, so as not tothen perform a reverse exchange. This will be very difficult, since banks in Hungary will be able to convert not more than $ 100 and take 7% of the commission, plus a receipt for the original exchange and your passport. If you want to buy more than 20 000 forints, then you still have to present your passport. The way out in this case is the active use of credit cards and traveler's checks. With this in Hungary, there are no problems.

Hungarian banks are open until 15:00, on Saturday and Sunday they are closed. But this is not critical, since the exchange can be done through ATMs or multiple exchange offices.

In the country you can import and export any amount in foreign currency. But for exporting forints there are restrictions: no more than 10 000 in the total amount, and only denominations of 1000 forints.

VAT refund

If you buy goods in specializedduty-free shops, you can expect a VAT refund from 12% to 25%. For this, when leaving the country, the customs services will need to show the goods in their original packaging so that they put the appropriate stamp on the original invoice and issue a VAT refund form. VAT refund is made within 90 days.

Course

At present, for 10 000 Hungarian forints you will pay about 44 US dollars, 36 euros or 1400 Russian rubles.