Until when will the old 1,000 forint banknotes remain in circulation?
The withdrawal of old 1,000 forint banknotes, issued before 2017, will take place on 31 October 2018, after that date these banknotes cannot be used in cash circulation. It is important to note that the withdrawal does not entail loss in value.
Until when and where can I exchange old banknotes after the date of withdrawal?
Cash offices in credit institutions and post offices will exchange old banknotes to legal tender free of charge for 3 years following the date of withdrawal, i.e. from 31 October 2018 in the case of 1,000 banknotes. However, it should be noted, that the obligation to exchange notes free of charge includes exclusively the change of the withdrawn banknote denomination to legal tender. Thus, for example an old 1,000 forint banknote may only be exchanged to a new 1,000 forint banknote free of charge. If the client wishes to have the exchange in different denominations, the credit institution or the post office may charge a fee for the exchange of denominations. The exchange may be carried out in all credit institutions and post offices that have a cash office. Holding an account with the institution or the use of their service is not a pre-condition of the exchange. MNB Decree 11/2011. (IX. 6.) contains the regulations and conditions of the exchange of denominations and banknotes withdrawn from circulation. This is accessible on the MNB’s website on the page entitled Banknotes and Coins:
The possibility of exchanging old banknotes to legal tender will still be open after the three-year period granted by credit institutions and the post office, as the MNB will exchange the withdrawn banknotes for another 20 years free of charge following the date of withdrawal, i.e. until 31 October 2038 in the case of 1,000 forint banknotes.
Can I exchange the old 1,000 forint banknotes that I have before the date of withdrawal, that is 31 October 2018 in credit institutions and post offices?
This is not regulated by the MNB, as old 1,000 banknotes qualify as legal tender until the date of withdrawal, therefore they can be used in cash payments without restrictions. As a result, in the socalled parallel distribution period, between 1 March 2018 and 31 October, credit institutions and the post office may operate following their own business terms and conditions in this regard. In the event of such request it is recommended that clients contact their bank maintaining their account, or make an inquiry at the local post office.
Source: mnb.hu
