Pursuant to Act CXXXIX of 2013 on the Magyar Nemzeti Bank (hereinafter “MNB Act” , the governor of the MNB promulgates by decree the issue, denomination and external form of banknotes and coins, and their withdrawal. On the date specified in the decree of the governor of the MNB, the withdrawn banknotes and coins no longer constitute legal tender.
Until withdrawn, the banknotes and coins issued by the MNB must be accepted by everyone at nominal value for payments made in the Hungarian legal currency.
Date of withdrawal: date set out in the MNB notice or MNB decree from which the withdrawn banknote and coin no longer constitutes legal tender.
From such date, however, the withdrawn banknotes and coins may still be exchanged at nominal value to legal tender at the cashiers of the MNB.
Pursuant to the applicable provision of the Central Bank Act, which entered into force on 1 January 2012 (Article 27 (3) of Act CCVIII of 2011), credit institutions and post offices also exchange banknotes withdrawn from circulation for 3 years from the date of the withdrawal.
Certain credit institutions and post offices also exchange, beyond the obligation imposed on them by law, withdrawn banknotes into legal tender and accept them as payment when their services are used.
Date of exchange: date specified in consideration of the deadlines set out in the MNB notice or Section 27 (3) of the MNB Act until banknotes and coins withdrawn from circulation may be exchanged at the MNB to legal tender.
The MNB will also not exchange the given denomination to legal tender after the exchange date, deadline.
The MNB shall convert banknotes and coins which it has withdrawn from circulation and which are no longer legal tender at face value into the legal tender of Hungary within 20 years of the date of withdrawal in respect of banknotes, and within 5 years of the date of withdrawal in respect of coins.