Central banker suggests conversion of of car loans

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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.

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