Varga: no FX loans by year's end

Tourism

All foreign-currency denominated loans would be eliminated from the Hungarian lending market by converting them to forint loans by the end of 2014, National Economy Minister Mihály Varga announced yesterday.

In giving detail on the recently passed FX loans law, Varga said that bank calculations are expected to be done by September and October, and that is when we will now how much borrowers should be repaid. While he said we don't know the numbrs now, Varga added that the recalculated instalments will be significantly lower than before, the minister added.

Varga rejected the proposal made by the Banking Association, namely to apply an exchange cap to all the FX loans. According to Varga it is very important that the clients “feel that the issue has been settled in a fair way, either through lower instalments or an amount credited to their account.”

Further laws regulating the repayments are to be enacted in the fall.

ADVERTISEMENT

Business confidence edges up as consumer sentiment weakens Analysis

Business confidence edges up as consumer sentiment weakens

Parl't extends pandemic legal provisions Parliament

Parl't extends pandemic legal provisions

Energy Efficiency: End-users, Energy Traders and Other Stake... Inside View

Energy Efficiency: End-users, Energy Traders and Other Stake...

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

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.