The Hungarian National Bank, the Magyar Nemzeti Bank, was founded in the 1920s as the central bank of Hungary, after the hyperinflation that followed the First World War and the breakup of Austria-Hungary. It was established with the support of the League of Nations, whose reconstruction loan helped Hungary stabilise its finances and introduce a new currency, the pengo. After the Second World War, Hungary suffered an even worse hyperinflation in 1945 and 1946, and the bank introduced the forint in 1946. It became a state bank under communism and regained independence after 1989. Hungary joined the European Union in 2004 but still uses the forint, and the bank is a member of the European System of Central Banks.
Before and after
- 21 February 1924Birth of Robert Mugabe
- 3 April 1924Birth of Marlon Brando
- 3 June 1924Death of Franz Kafka
- 12 June 1924Birth of George H. W. Bush
- 24 June 1924Founding of Hungarian National Bank
- July 1924Founding of Adidas AG
- 20 July 1924Founding of FIDE
- August 1924Construction of Selhurst Park
- 1 August 1924Birth of Abdullah of Saudi Arabia
More in Society, economy & sport
- 1915Armenian Genocide
- from 1919 to 1946Founding of League of Nations
- 1920Origins of National Football League
- from 13 July 1930 to 30 July 1930The first FIFA World Cup is played in Uruguay
- 11 December 1931Founding of Commonwealth of Nations
- 22 July 1944Founding of International Monetary Fund
The era
This moment belongs to the Modern era (1914 CE to 1945 CE), world wars and a changing world. You can also browse everything in the 20th century.