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In 2022 after Russia's invasion of Ukraine, the EUR-HUF exchange rate breached the 400 forints per 1 euro line for the first time, but rates at that level or higher lasted until the end of 2022. Some time later, the forint also depreciated against the US dollar, breaching the same line.
Hungary originally planned to adopt the euro as its official currency in 2007 or 2008. [2] Later 1 January 2010 became the target date, [3] [4] but that date was abandoned because of an excessively high budget deficit, inflation, and public debt. For years, Hungary could not meet any of the Maastricht criteria. [5]
The 200 forint note was replaced with a new 200 forint coin on 15 June 2009, [3] decorated with the Chain Bridge, as chosen in an internet poll in October 2008. [4] Reportedly, large numbers of 1 forint coins were illegally used in Canada in place of subway tokens, a highly profitable trade until the machines were reprogrammed.
It indicates that a relatively strong forint weakened during the Great Recession, and that its value increased afterwards. Compared to the euro the forint was at peak on 18 June 2008 when 1000 Ft was €4.36 and €1 was 229.11Ft. The forint was worth the least on 6 March 2009; this day 1000 Ft was €3.16 and €1 was 316Ft).
Several European microstates outside the EU have adopted the euro as their currency. For EU sanctioning of this adoption, a monetary agreement must be concluded. Prior to the launch of the euro, agreements were reached with Monaco, San Marino, and Vatican City by EU member states (Italy in the case of San Marino and Vatican City, and France in the case of Monaco) allowing them to use the euro ...
The euro is the result of the European Union's project for economic and monetary union that came fully into being on 1 January 2002 and it is now the currency used by the majority of the European Union's member states, with all but Denmark (which has an opt-out in the EU treaties) bound to adopt it.
The 1 euro coin (€1) is a euro coin with a value of one euro. It is made of two alloys: the inner part of cupronickel, the outer part of nickel brass. All coins have a common reverse side and country-specific national sides. The coin has been used since 2002, with the present common side design dating from 2007.
The first banknote issued for this series, the 10,000 forint, was issued into general circulation on 2 September 2014, followed by the 20,000 forint banknote on 25 September 2015, the 2,000 and 5,000 forint banknotes on 1 March 2017, the 1,000 forint banknote on 1 March 2018 and the 500 forint banknote on 1 February 2019.