ADVERTISEMENT

Strong Swiss franc bumps up Hungarian mortgage costs by HUF 50 bln

Music

The total value of Swiss franc-denominated mortgages in Hungary increased by HUF 50 billion in June due to exchange rate losses sustained by the forint, according to data recently published by the Hungarian National Bank (MNB). 

Without the exchange rate effects, overall borrowing of Hungarian households fell by HUF 21.9 billion, the MNB said.

Forint-denominated borrowing rose by HUF 16.9 billion, while loans denominated in foreign currencies dropped by HUF 38.8 billion.

Meanwhile, forint savings have increased and foreign currency deposits dropped, with HUF 65 billion placed into deposit compared to withdrawals of HUF 9 billion. Households saved an overall HUF 56 billion, while cost of franc-denominated loans rose by nearly the same amount.

Latest trends show that forint borrowing in Hungary is growing slowly but steadily, while interest on new forint-denominated mortgages have dropped slightly.

ADVERTISEMENT

OECD projects Hungary GDP growth will slow to 5% in 2022 Analysis

OECD projects Hungary GDP growth will slow to 5% in 2022

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

ITM, capital gov't agree on support for public transport City

ITM, capital gov't agree on support for public transport

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.