Hungary, with its capital city, Budapest, is one of the top tourist destinations in Europe and is considered one of the most beautiful cities worldwide. Despite its small size, the country is home to many World Heritage Sites. Hungary's official and national currency is the Hungarian Forint (HUF). The name was first adopted between 1868 and 1892, but in 1946, modern forint was introduced. The forint is issued and maintained by the Hungarian National Bank. Coins are minted between 5 and 200 forin, while banknotes are issued in denominations beween 500 to 10,000 forints. The forint is divided into 100 fillér, although these coins are no longer in circulation due to high inflation.
The Hungarian forint is Hungary's only official currency. Magyar Nemzeti Bank, the country's national bank, is responsible for issuing and maintaining the forint's value. The bank, established in 1924, also controls the circulation of the forint. Banknotes are issued in denominations of 500, 1,000, 2,000, 5,000, 10,000, and 20,000 forints. Coins are issued in denominations of 5, 10, 20, 50, 100, and 200 forints. The Hungarian Banknote Printing Company prints the bills while the coins are minted by the Hungarian Mint. In 1999, these coins were removed from circulation.
In 1946, the forint was introduced to stabilize the national economy after World War II. The name originates from the gold coins of Florence called fiorino d'oro, which were struck starting in 1252 and used during the Austro-Hungarian empire. The currency's exchange rate was relatively stable until the early 1990s, when Hungary adopted a market economy.
Hungary endured some of the worst periods of hyperinflation of any country on the globe. The recognition of the 1920 Treaty of Trianon following World War I had a series of disastrous effects on the economy, not to mention the loss of more than 60% of its pre-war population and over 70% of its pre-war territory. Hyperinflation approached 35% during the 1990s. The economy did make some reforms in the 2000s; even when inflation was so high, the currency lost its capability to be converted.
The county relies on a skilled labor force to push its export-oriented economy. Its major trading partners include Austria, Germany, Italy, Romania, and Slovakia, while top industries include producing components for radios and televisions and car and car parts manufacturing. Based on World Bank data, Hungary recorded 4.57% gross domestic product (GDP) growth in 2019 and 3.33% inflation.