MNB’s banknote exchange program is almost complete.
Hungarian National Bank started a huge banknote redesign program in 2014: all banknotes got new design and the process is going to end soon. The 500 forint note, the last in the series, has been revealed, and will also be upgraded soon.
The new banknotes will be issued in two stages. First, with the announcement of the MNB’s decree on banknote issuance, the upgraded 500 forint banknote will become national legal tender from 4 July 2018. This will be followed by the preparation of key participants of currency circulation for the issuance of the new 500 forint notes. Over the coming months, the most important task will be to make the existing banknote accepting and processing machines (from ATMs to coffee machines) able to handle the new note.
General public will be able to use upgraded 500 forint notes from 1 February 2019, after the preparation period has ended. This will mark the second stage of the issuance program. Customers will be able to use the old 500 forint note until 31 October 2019 but don’t worry if you forgot some of them in your wallet.
The old banknotes will not lose their value for many years following withdrawal. After the withdrawal date, credit institutions and post offices exchanges the old notes to new ones for three years, MNB, respectively, will exchange them into legal tender of the same denomination for 20 years, until 31 October 2039.
If you have some other notes and don’t know whether they are still legal now, check the up-to-date, detailed information on the MNB’s website about the current banknotes, or watch this short video:
