Govt to review plan of APR cap on credit cards, short-term loans

Interview

The government will review whether a 30% cap on the effective annual percentage rate (APR) should apply to credit card companies and loans that mature within a year, an MP of governing Fidesz said on Monday.

Prime Minister Viktor Orbán announced the APR cap last Monday, but the bill introducing it will be submitted to Parliament only within a month to allow time for the review, proposed by Public Administration and Justice Minister Tibor Navracsics, Antal Rogán said at a meeting of Parliament's Economy Committee.

The committee cleared for general debate bills on establishing a list of borrowers who make their repayments on time and another on early repayment of foreign currency-based loans at a fixed rate.

ADVERTISEMENT

Varga puts 2021 GDP growth at 7-7.5% Analysis

Varga puts 2021 GDP growth at 7-7.5%

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New managing director at the helm of Wolt Hungary Appointments

New managing director at the helm of Wolt Hungary

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.