Information for Transcarpathians: banknotes of 2000, 5000, 20,000 forints are to be withdrawn from circulation

On August 1, 2017, the National Bank of Hungary (MNB) will withdraw from circulation the banknotes of 2000 and 5000 forints issued before 2000, the Myhungary.net informs. After that, citizens will not be able to make purchases using banknotes of these denominations. However, old banknotes can be exchanged after July 31 at any bank or post office for another three years, and the Central Bank of Hungary will be exchanging them for twenty years. This exchange will facilitate the amalgamation of the currency of the country, without changing its name. Because citizens of any country tend to accumulate their cash money in large denomination bills, which removes large masses of money from circulation. So they are taking measures which will facilitate the circulation of money and will increase volume of trade, because cash flows are blood vessels in the body of the economy.   As a result of the exchange, the National Bank will be able to optimize the number of banknotes that are in circulation.