Between May 1 and July 13, 1931, the Hungarian National Bank paid out 200 million pengős in gold and foreign exchange. At the same time Hungary's foreign debt reached 4,300 million pengős with interests costing 300 million pengős a year. With the gold and foreign exchange reserves virtually depleted, the gold cover of the pengős fell from 40% to 20%.
Between May 1 and July 13, 1931, the Hungarian National Bank issued 200 million pengős in gold and international currency. At the same time, Hungary's foreign debt swelled to 4,300 million pengős, with annual interest expenses amounting to 300 million pengős. With its gold and foreign exchange reserves severely depleted, the value of the pengős was significantly reduced, falling from 40% to 20% in backing.