About Magyar Nemzeti Bank
During the revolution and the war of independence in 1848-49, the first independent Hungarian government entrusted the performance of central bank tasks to the Hungarian Commercial Bank of Pest. As a result of the First World War, at the end of October 1918, the Austro-Hungarian Monarchy disbanded and the Austro-Hungarian Bank, which had been acting as the central bank until then, was liquidated. The functions of the central bank were taken over by the Royal Hungarian State Public Institution, established on 11 July 1921.
The independent Hungarian central bank, the Magyar Nemzeti Bank, began its work on June 24, 1924 in the form of a joint-stock company. Its first president was Sándor Popovics. The central bank created the stabilization of the inflationary koruna after World War I and then issued the new currency, the pengo… Continue reading about Magyar Nemzeti Bank here.
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