Hungary recently interviewed the National Bank of Hungary about whether the lowest denomination of forints will be withdrawn from circulation, and whether 50,000 forints and 100,000 forints will be introduced.
The National Bank of Hungary begins by reviewing the history of changes in the Hungarian currency, the forint. As of March 1, 2008, the National Bank of Hungary (MNB) decided to take the coins of HUF 1 and HUF 2 out of circulation. The cost of production at that time amounted to 2-6 forints. In addition, due to inflation in 2008, the National Bank decided to change the HUF note to a coin. The measure was implemented on 15 November 2009. Due to 2022-2023, Hungary has an incredibly high inflation rate. For several months, the country's inflation rate was the highest in the European Union. For example, some food products have an annual inflation rate of 100%. As a result, there has been a recent inquiry from the National Bank whether the 5 HUF and 10 HUF coins will be taken out of circulation as a result. The National Bank of Hungary indicated to ** that the 5 forint could have been taken out of circulation according to the IMO's so-called d measurement method, but the National Bank did not want to do so. However, also on the advice of the International Monetary Organization, due to the high inflation of the past few years, the National Bank may issue HUF 50,000 or even HUF banknotes. However, for security and political reasons, they may not do it either.