If the ForintApp cannot identify a given banknote then it has to be scrutinised by an expert, as it might be a forgery, said programme head Barbara Réthy.

The MNB also announced that it has completed its banknote replacement project begun in 2014. The previous banknote replacement prior to that occurred in 1997.

The MNB aimed to improve the security of the banknotes, director Tibor Pataki said.

Some 900 million new banknotes have been printed over the last five years, costing Ft 4-5 billion.

Pataki confirmed that the MNB does not yet plan to withdraw Ft 5 coins from circulation.

MTi Photo: Mónus Márton