Central banker suggests conversion of of car loans

Deals

Forex car purchase loans and personal loans should be converted into forint debt to eliminate the exchange rate risk from the financial system, managing director of the National Bank of Hungary (MNB), Márton Nagy, told Hungarian weekly Heti Válasz yesterday. 

The MNB was in favor of the conversion, Nagy said. "Together with the foreign-currency based personal loans, this is a loan stock of HUF 500 bln, for close to 290,000 contracts," Nagy told the weekly.

Hungary has already implemented a conversion of householdsʼ foreign currency mortgages earlier this year to the tune of close to HUF 3 trillion, most of which were denominated in Swiss francs.

ADVERTISEMENT

Takarékbank lowers 2021 GDP growth forecast to 6.9% Analysis

Takarékbank lowers 2021 GDP growth forecast to 6.9%

Márki-Zay tests positive for COVID-19 Elections

Márki-Zay tests positive for COVID-19

New partner announced at act Bán & Karika Attorneys at Law Appointments

New partner announced at act Bán & Karika Attorneys at Law

Most districts not planning mandatory vaccination at kinderg... City

Most districts not planning mandatory vaccination at kinderg...

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.