Hungarian Forint

The HUF is the currency of Hungary. It is divided into 100 fillér. The Central Bank of Hungary has issued banknotes since 1925 and coins since 1949. The forint was introduced as the official currency of Hungary on 1 August 1946, replacing the pengő at a rate of 1 forint = 4×1029 pengő. The word forint is a blend of the words "pengő" and "forinth", meaning "one and a half". The HUF is one of the few remaining national currencies not to have been replaced by the euro. Hungary's central bank governor, Gyorgy Matolcsy, has been an outspoken opponent of the euro and has vowed to keep the forint as Hungary's national currency. The forint has been relatively stable since its introduction, with an exchange rate of around HUF 250 to the US dollar. However, the currency has come under pressure in recent years as Hungary's economy has struggled. The forint hit a record low against the euro in January 2017, and has continued to decline since then. The HUF is a member of the European Union's Exchange Rate Mechanism (ERM II), which means it is pegged to the euro. However, Hungary has the right to leave the ERM II at any time, and has hinted that it could do so if the forint continues to decline. The HUF is a popular currency for tourists visiting Hungary, as it is relatively easy to get hold of and offers good value for money. However, it is worth bearing in mind that prices in Hungary are often quoted in euros, so it is worth checking prices before making any purchases.