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New Big Hungarian Banknotes Not on MNB's Agenda, Despite Speculation

• 17 Aug 2023 11:19 AM
• Hungary Around the Clock

The MNB is not planning to introduce new banknotes with higher denominations, the central bank replied to a query from Index.

Data shows that inflation and a decline in real incomes are also affecting cash usage habits. Demand for larger denominations for saving purposes is declining, while the usage of smaller denominations for transaction purposes is rising, the MNB said.

At the end of June, the number of banknotes in circulation was 647 million with a total value of close to Ft 7.8 trillion, declines of 2.6% and 4.1%, year-on-year, respectively.

The largest decreases were seen in the number of Ft 10,000 and Ft 2,000 notes in circulation, while Ft 500 and Ft 1,000 notes became more scarce.

The MNB said it is constantly monitoring trends in cash usage, and that the introduction of new banknotes is preceded by comprehensive impact assessments, due to the long-term consequences on social and private costs.

The MNB also affirmed that it has no plans to phase out Ft 5 coins.

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