Varga: Most FX borrowers to opt for conversion

In Hungary

Economy Minister Mihály Varga said today he expects most Hungarian retail borrowers with foreign currency-denominated loans will opt to convert them into forints, Reuters reported. "Keeping foreign currency loans will have conditions," Reuters cited Varga as saying. "I expect that the overwhelming majority of clients will opt for conversion."

Varga added borrowers would have 30 days after the legislation on the conversion comes into effect to opt out of the conversion. The bill on the conversion is expected to be submitted to Parliament on Friday, he said.

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