what is the hungarian forint huf 
the term hungarian forint huf refers to the official and national currency of hungary the forint is issued and managed by magyar nemzeti bank the country s central bank the forint is represented in the international market by the currency code huf and the symbol ft the currency was introduced in hungary in 1946 banknotes are issued in denominations between ft500 and ft20 000 while the bank mints coins ranging in value from ft5 to ft200 understanding the hungarian forint huf the forint is hungary s official national currency it is issued by the country s central bank the hungarian national bank which is commonly known as magyar nemzeti bank established in 1924 the bank is responsible for maintaining the currency s value and controlling its circulation its main objectives are to achieve and maintain price stability while using monetary policy to support the federal government s economic policies the forint is denoted in the foreign exchange market as ft and is commonly referred to by its abbreviation huf it is not pegged to any currency and no currencies are pegged to it either along with the euro the currency s top currency exchange is the u s dollar forint banknotes are issued in denominations of 500 1 000 2 000 5 000 10 000 and 20 000 forints coins are issued in denominations of 5 10 20 50 100 and 200 forints bills are printed by the hungarian banknote printing company while coins are minted by the hungarian mint one forint is divided into 100 fill r these coins were removed from circulation in 1999 due to high inflation the equivalent of one u s dollar as of may 2024 special considerationshungary joined the european union eu in 2004 there was significant support to join the union at the time when the country applied 10 years earlier however hungary still doesn t use the euro and hasn t set a target date to make the switch because the federal government and the central bank are reluctant to adopt the common currency the nation s central bank governor gyorgy matolcsy described the euro as a trap and a strategic error other european countries that don t use the euro include bulgaria the czech republic poland and romania though the european community is seeking more participants through economic integration the 2007 08 financial crisis and the european sovereign debt crisis magnified the dangers of joining the eurozone in which 19 of the 27 eu member countries adopted the single currency by giving up control of their own monetary policy countries such as greece and spain are unable to devalue their currencies to stimulate economic growth although the euro isn t used in hungary some merchants accept it notably large hotels and merchants the exchange rate is generally lower than most exchange offices change is normally given in forints history of the hungarian forint huf the hungarian forint was first used between 1868 and 1892 but it wasn t until 1946 that the modern forint was introduced it was meant to stabilize the national economy following world war ii the name comes from the gold coins of florence called fiorino d oro which were struck beginning in 1252 and used throughout the austro hungarian empire the currency s exchange rate has been stable to some extent but uncertainty in the nation s economy has plagued the value of the forint in the foreign exchange market for instance hungary relies on a skilled labor force to drive its export oriented economy major trading partners include germany slovakia italy romania and austria top industries include car and car parts manufacturing and producing components for radios and televisions according to world bank data hungary reported gross domestic product gdp growth of 4 6 in and 14 6 inflation in 2022 this was primarily due to the economic fallout that resulted from the global covid 19 pandemic 