Period/Provinces/Banks Banque Nationale de Hongrie
Catalogue reference : P.170f
Hungary became a republic in 1918 with the collapse of the Austro-Hungarian Empire and the abdication of Emperor Charles I. Peace treaties which cut the former Kingdom of Hungary of two thirds of its territory and create new Hungarian minorities in neighboring countries plunge the country into a period of turmoil. In 1920, Admiral Horthy becomes regent. By 1938, Hungary fits into the Axis camp and gets the Hungarian part of Slovakia and Transylvania. Ally of Germany, Hungary requested an armistice with the Soviet Union in 1944. Hungary became a People's Republic in 1949 under Soviet domination. In 1956, while attempting to open is punishable by a Soviet military intervention. The opening of borders in 1989 marked the end to Soviet domination of Eastern Europe. Free elections are held in 1990.