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It was announced on Monday 1st September that the Magyar Nemzeti Bank (National Bank of Hungary) intends to issue new designs of banknotes into circulation by 2018.

The 10,000 forint banknote is the first note to be re-designed and was released into circulation today. The old 10,000 forint note will continue to circulate for the time being – a date has yet to be confirmed when it will cease to be legal tender.

The Daily.HU website released an article saying:

“The National Bank of Hungary said this measure has been introduced to protect against counterfeit money, although some have interpreted this move as a signal that Hungary is in no hurry to convert to the euro. However, Ferenc Gerhardt, Deputy Governor of National Bank of Hungary denies any claims that the issue of new banknotes is an indicator of non-euro adoption, as the country has no official target for abandoning the forint. Although under its EU entry obligations Hungary is required to join the euro at some point in the future.”

Source: Magyar Nemzeti Bank