RWF to HUF

HUF - Hungarian Forint (Ft)

The Hungarian forint is the official currency of Hungary, and has been in circulation since 1946. The code for the forint is HUF and the symbol is Ft. Its conversion factor has 6 significant digits, and it is a fiat currency.

The Forint is the official currency of Hungary, and is issued by the Hungarian National Bank. The modern Forint was introduced in 1946, after the second world war. The Forint was subdivided into 100 fillér, but fillér coins are no longer in circulation. The long-term goal of the Hungarian government is to replace the Forint with the Euro, although this transition has been delayed due to current economic issues.

The Hungarian Forint is the currency in Hungary (HU, HUN). The symbol for HUF can be written Ft. The exchange rate for the Hungarian Forint was last updated on January 18, 2019 from The International Monetary Fund. The HUF conversion factor has 6 significant digits.

Economy

• Hungary has made a successful shift to a market economy after the first multi-party elections were held in 1990. Before the fall of the Communist regime in 1989, its economy was centrally planned.
• Since 1990, foreign ownership and foreign investment have become commonplace, and Hungary receives about a third of the foreign investment flowing into the Central European area.
• Production in Hungary has shifted from lower-value textiles and food products to higher-value sectors such as luxury vehicle production, renewable energy, tourism, and information technology. Over 60% of Hungary’s exports are related to machinery and equipment.
• In recent years, Hungary has required financial assistance from world bodies such as the IMF and World Bank to service its large public debt. As one consequence, Hungary has delayed adopting the euro until 2020.

History

• The name Forint has its origin in coins minted in Florence in 1252, called Fiorino d’oro.
• Forint banknotes and fillér coins were introduced and circulated in August 1946, as a crucial step in the stabilization of the country after World War II.
• Inflation (especially during the late 1980s) made fillér coins irrelevant, and they were removed from circulation in 1996. Coins continue to be minted in Forint denominations.
• The Forint became fully convertible in 2001 after the high inflation of the 1990s when Hungary transitioned to a market economy.

More information about HUF - Hungarian Forint (Ft)

RWF - Rwandan Franc (RWF)

Rwandan Franc

The Rwandan Franc (RWF), is the authorized tender utilized in Rwanda. The Rwandan Franc is subdivided into a hundred centimes. Banknotes and coins are both used as legal tender for the country.

The Rwandan Franc is the currency in Rwanda (RW, RWA). The symbol for RWF can be written RF. The Rwandan Franc is divided into 100 centimes. The exchange rate for the Rwandan Franc was last updated on May 24, 2019 from Yahoo Finance. The RWF conversion factor has 5 significant digits.

Economy

• Rwanda is a very agricultural-based country with about seventy percent of the inhabitants engaged in farming. Major exports are tea and coffee.
• Despite being land-locked with a high population and minimal resources and industry, Rwanda has been able to make significant progress in rehabilitating and stabilizing its economy.
• The Rwandan economic system relies heavily on farm production of small, semi-subsistence, and fragmented farms.
• By 1994, farm size was was typically less than 1 hectare, whilst inhabitant’s density was greater than 450 individuals per square kilometer.

History

• The Franc became the foreign money of Rwanda in 1916, when Belgium captured the German territory and switched the German East African Rupee for the Belgian Congo Franc.
• Rwanda utilized the Belgian Congo Franc until 1960, when the Burundi and Rwanda Franc was introduced.
• Rwanda commenced issuing the Rwandan Franc in 1964.
• In 1964, banknotes of the Rwanda and Burundi Bank of Emission were overstamped for Rwanda usage only.
• In 1969, aluminum 1 franc coins were launched. In 1970, 2 and ½ francs were also added in aluminum.
• Brass 50 and 20 francs were launched in 1977.
• There is a plan to launch a standard currency, a modern East African Shilling, for 5 East African countries at the start of 2012.

More information about RWF - Rwandan Franc (RWF)