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Established in 1924 following the Austro-Hungarian Bank, with backing from the League of Nations' Economic and Financial Organization, the Magyar Nemzeti Bank, a member of the European System of Central Banks (ESCB), places a strong emphasis on international relations. It actively collaborates with global economic and financial institutions like the EU, IMF, OECD, and BIS. Its core objectives include ensuring price stability, managing the issuance of the Hungarian forint, regulating money supply, setting the Central Bank base rate, publishing official exchange rates, and overseeing foreign-exchange reserves and gold to influence exchange rates.
Originating from a stabilization loan facilitated by the League of Nations in 1923-1924, modeled after Austria's successful precedent a year prior, the Magyar Nemzeti Bank introduced the Hungarian pengő in 1927 to replace the korona.
During World War II and its immediate aftermath, the Magyar Nemzeti Bank struggled to maintain the value of the pengő, leading to the world's most severe hyperinflation episode in 1945-1946. Consequently, the bank introduced a new currency, the Hungarian forint, on August 1, 1946, and was subsequently nationalized by the end of 1947.
Obverse
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Depicts the main building of the headquarters of the Magyar Nemzeti Bank, the inscription "Hungarian National Bank", followed by two years below it. The engraver's initials (CSV) below. Magyar Nemzeti Bank |
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Reverse
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Depicts the country name above (Hungarian People's Republic), the denomination, mintmark (BP) and the issue year below, the coat of arms on the left with the engraver's initials (GJ). Magyar Népköztársaság |
Edge |
50 Forint
People's Republic
KM# 601 Unger# 1630 Huszar# 2385 Adamo# EM44
Related coins
50th Anniversary of the Foundation of the Magyar Nemzeti Bank