Hungary

Hungary is regarded by many as the land of thermal baths, wine and spicy food. Today’s face of Hungary is a combination of many influences – both from the original home of the Hungarians in the Urals and European influences from the west, and even more from the southeast, especially during those long years when a large part of Hungary was occupied by the Ottoman Empire. Perhaps the most typical feature of Hungarian origin is the language. Hungarian, which belongs to the Finno-Ugric language group, is remotely related to several languages spoken in the north and northeast of Europe. The closest languages have been preserved as remnants in the Russian Khanty-Mansi Autonomous Okrug in Western Siberia. Hungarians, led by Arpad, came to Europe at the end of the 9th century. Since then, Hungarians and their Hungary have been an integral part of Europe. The modern history of Hungary is closely connected with Czech, Slovak, Austrian and Balkan history.

Hungary today is only part of the historical lands called Ungaria. As a result of the Trianon Peace Treaty, after the First World War more than two thirds of the territory of the kingdom were annexed to neighboring states, most of them newly formed. Residual Ungaria has since been called Hungary in the Czech and Slovak environment (other languages including Hungarian do not distinguish these terms). The problems arising from the loss of historical territories are intensified by the fact that several million Hungarians remain outside the new borders, and this fact combined with a traditional Hungarian feeling of isolation and exclusion still to some extent adversely affects Hungary’s relations with some of its neighbours, and resonates in Hungarian domestic policy.

The Hungarian National Bank, or Magyar Nemzeti Bank, emphasises its international relations as well as its participation in the forums of international economic institutions and financial organisations (EU, IMF, OECD and BIS). The MNB places great emphasis on integration with the European Union. Accession to the European Union has played an important role for the bank. Currently, the work of the MNB is primarily determined at a professional level by the performance of duties related to EU membership; it is also preparing the state to join the Eurozone.

The MNB controls the country’s monetary policy. Its main objective is to maintain price stability. It is responsible for issuing the national currency – the forint and controlling cash. It also publishes official exchange rates and manages foreign currency reserves.

The MNB was founded on 24 May 1924 in Budapest, in the then Kingdom of Hungary. Its first chairman (governor) was Sándor Popovics

The main MNB building is located in the centre of Budapest on Szabadság tér, near the United States Embassy building.

HUNGARIAN MINT

The Hungarian Mint is the only mint in the country that issues Hungarian forint coins In 1328, King Charles I of Hungary founded several mints, the most famous of which was the Körmöcbánya Mint, now known as the Kremnica Mint in Slovakia. After World War I, the Körmöcbánya Mint was dismantled and transported to Budapest, where it was re-established as the Hungarian Royal Mint.

After the original currency, the Hungarian pengö, was demonetised, the mint continued to operate under the name “Hungarian State Mint” and struck a new currency – the Hungarian forint. In 1992, the mint was transformed into a company limited by shares Since 1998, the Hungarian National Bank has been the sole owner of the mint. The mint moved to the new Cash Logistic Centre of the Magyar Nemzeti Bank in 2008. From that time on, you can find it in the heart of Budapest at the MNB headquarters