The forint is the official currency of Hungary and was introduced in 1964. The forint is not used as legal tender in any other county than Hungary. The forint has floated freely since 2008 when Hungary abandoned the long-standing currency trading range against the euro.
Hungary joined the European Union in 2004. Whilst the long-term objective of the Hungarian government is to replace the forint with the euro, the project has been delayed owing to ongoing economic issues.
In recent years, Hungary has received financial assistance from the International Monetary Fund and the World Bank in order to service its large public debt following years of excessive government borrowing.