The forint (sign: Ft; code: HUF) is the currency of Hungary. It was formerly divided into 100 fillér, but fillér coins are no longer in circulation. The introduction of the forint on 1 August 1946 was a crucial step in the post-World War II stabilization of the Hungarian economy, and the currency remained relatively stable until the 1980s. Transition to a market economy in the early 1990s adversely affected the value of the forint; inflation peaked at 35% in 1991. Since 2001, inflation is in single digits, and the forint has been declared fully convertible. As a member of the European Union, the long-term aim of the Hungarian government may be to replace the forint with the euro, but that does not appear to be likely until some time during the 2020s.
The value of the Hungarian forint is 37.6% lower than the value of the American dollar, as such Hungary is still among the cheap countries, according to the latest Big Mac Index compiled by The Economist, published yesterday.