Hungary publishes euro recommendations for banks

HUNGARY - The National Bank of Hungary (MNB) has published recommendations to commercial banks regarding the introduction of euro coins and notes in 12 EU member states as of 1 January 2002.

The non-obligatory recommendations advise commercial banks not to open foreign currency accounts after 1 August 2001 in currencies that will be replaced by the euro. The banks should inform their clients that they cannot maintain accounts or make transfers in these currencies after 31 December 2001.

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