The new Ft 1,000 banknote, still bearing the image of King Matthias Corvinus, enter into circulation on 1 March. The Central Bank of Hungary (MNB) has been upgrading old bills since 2014. New HUF 2,000 and HUF 5,000 bills entered circulation 2016 spring, while old HUF 20,000 bills were withdrawn at the end of 2017.
As for the HUF 1,000 bill, the old notes will be withdrawn from circulation on November 1, 2018, but may still be exchanged – as is the case for other old notes – for a period of three years at commercial banks and post offices, and for 20 years at the central bank, until 2037.
Online news portal index.hu reported that the cost of the banknote upgrades will run to HUF 4-5 billion, according to preliminary calculations by the central bank.
Photo source: Central Bank of Hungary