2017-08-02 Wed

The National Bank of Hungary demonetised old 2,000 and 5,000 forint notes that were in circulation before 2016, on 31st July. The bank warned locals that from 1st onwards only new 2,000 and 5,000 forint banknotes will be accepted in stores. The central bank also stated that the old banknotes will not lose their worth and they can be exchanged for new banknotes without any additional cost at every bank and postal office until 31 July 2017. The process will continue for the next 20 years. Officials have revealed that 75% of the 2,000 forint notes and more than 80% of the 5,000 forint banknotes have been replaced by 31st July 2017.