Hungary - Third Republic

One of the most important events of the regime change is the proclamation of the third Hungarian Republic on October 23, 1989.

In 1918, after the Aster Revolution, the country's form of government became a people's republic. At the beginning of 1946, the National Assembly voted to proclaim the Republic of Hungary, but in 1949 this form of government gave way to a communist dictatorship based on the Soviet model. This socialist dictatorship existed for more than 40 years.

The third Hungarian Republic existed from 1989 until 2011, since then the name of the state has changed. From the entry into force of the Basic Law in 2012, the official name of the country became Hungary.

Inflation after the Second World War greatly damaged the value of the pengő. The forint entered circulation on August 1, 1946. Pennies were continuously withdrawn from circulation, at the same time larger and larger denominations appeared (1000, 2000, 5000 HUF).