Government to discuss FX car loan assistance in late August

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The Hungarian government is expected to discuss a proposal to assist borrowers with foreign currency-denominated car loans at a cabinet meeting at the end of August, National Economy Minister Mihály Varga said yesterday according to Hungarian news agency MTI. 

The ministry will present two versions of the proposal to the government, both involving the conversion of the loans into forints, Varga said. The government announced plans to assist borrowers with FX car loans in July.

Hungarians have more than 200,000 FX vehicle and personal loan contracts with a value of almost HUF 300 bln. Some 30,000 of these borrowers also have a mortgage, which presents risk of cross-contamination.

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