Croatia, Poland ask to see FX phaseout details

Deals

The governments of several Central European countries want to see details on how Hungary is phasing out foreign currency-denominated retail loans, the National Economy Ministry reported late yesterday.

Croatian and Polish finance ministries directed queries at the Hungarian ministry regarding information, and the European Central Bank was reported to be observing the process of phasing out FX loans. The ministry noted, that Swiss-franc based retail loans caused a significant problem in Croatia and Poland as well.

"In the interest of successfully managing the problem of FX loans, the National Economy Ministry is gladly sharing Hungary's experience and solutions till now with ministers in interested countries," the ministry said.

In line with the legislation approved in November, Hungary is in the process of phasing out the FX lending stock and has set the rate for the conversion of loans into forints at HUF 256.5 to the Swiss franc and HUF 309.5 to the euro. As a result, most Hungarian borrowers were spared the effect of the Swiss franc's sharp strengthening after the Swiss National Bank removed the currency's cap against the euro, according to Hungarian news agency MTI.

ADVERTISEMENT

Reforms to raise productivity would strengthen recovery - OE... Analysis

Reforms to raise productivity would strengthen recovery - OE...

Meeting called to address Pegasus spyware lacks quorum  Parliament

Meeting called to address Pegasus spyware lacks quorum 

Skanska commercial dev unit names new EVP of operations Hung... Appointments

Skanska commercial dev unit names new EVP of operations Hung...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

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.