Hungarian Forint
The Hungarian Forint, represented by the currency code HUF, is the official currency of Hungary. The Magyar Nemzeti Bank (MNB), also known as the Central Bank of Hungary, issues and manages the Hungarian Forint.
The Forint was introduced on 1 August 1946, after the end of the Second World War, replacing the Pengő, which had faced hyperinflation. The currency's name, 'Forint', comes from the city of Florence, where golden coins called fiorino d'oro were minted starting in 1252.
Convertible:Yes
Transferable:Yes
Exchange rate regime:Floating
Available currency pairs
Transaction types
FX
Spot
Delivery date
T+1; T+2
Liquidity
High
FX
Forward
Maximum maturity
24 months
Liquidity
High
Did you know?
The primary objective of the MNB's monetary policy is to achieve and maintain price stability. The MNB uses an inflation-targeting regime, aiming for an annual increase in the Harmonized Index of Consumer Prices (HICP) of around 3%.
The key instrument of the MNB's monetary policy is the base rate, which influences other interest rates. The MNB also uses other tools, such as open market operations and reserve requirements.
Key Features of HUF
The Hungarian Forint is subdivided into 100 fillér, although fillér coins have not been in circulation since 1999. Coins are issued in denominations of 5, 10, 20, 50, 100, and 200 forints, and banknotes are issued in denominations of 500, 1,000, 2,000, 5,000, 10,000, and 20,000 forints.
Forint banknotes feature prominent Hungarians and significant Hungarian landmarks. The design also includes advanced security features to prevent counterfeiting.
Expert Opinion
The performance of the Hungarian Forint is often discussed among economists and financial experts in relation to Hungary's economic indicators and the MNB's policy decisions. Factors such as Hungary's fiscal policies, its trade relationships, particularly with the European Union, and global economic conditions significantly influence the value of the Forint.
The ongoing discussions about Hungary potentially adopting the Euro are also a point of interest among experts.
HUF Regulations
The MNB is responsible for the regulation of the Hungarian Forint. It oversees monetary policy, manages foreign exchange reserves, and ensures the stability of the Hungarian financial system.
The MNB also implements measures to prevent financial crimes, including robust Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations that financial institutions must comply with.
Important information
Payments in HUF to Hungary
Key considerations to bear in mind
Payment instructions should contain the beneficiary's IBAN, name, and address.
Payment Processing Time
The time taken for a payment to reach the recipient's bank account can vary. Domestic transfers within Hungary are typically processed quickly, while international transfers may take a few business days. Consider the processing time when planning your payment to ensure timely delivery. The iBanFirst Payment Tracker can help you track those payments, and ensure a smooth and efficient payment experience.
Fees and Charges
Banks and financial institutions may apply fees and charges when processing international payments. These fees can vary, so it is advisable to check with your bank to understand the charges associated with your transaction. Check out iBanFirst’s Savings Calculator to estimate how much you could save on your next international payment.
Keep in mind
Bank holidays
01
January
New Year's Day
15
March
National Day
01
May
Labour Day
20
August
State Foundation Day
23
October
Republic Day
25
December
Christmas Day
26
December
Second Day of Christmas
Easter Monday
Varies
Pentecost Monday
Varies
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