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More than 150,000 debtors avail exchange-rate limit through March

Initiatives

More than 150,000 borrowers with loans denominated in foreign currencies entered the government's temporary exchange-rate limit program through the end of March, the Hungarian Financial Supervisory Authority (PSzÁF) reported on Thursday. The total stock of foreign-currency-denominated loans placed in the program through the end of March was HUF 1,250 billion, or 40% of the total stock of eligible forex loans, PSzÁF said. Approximately 35,000 debtors elected to enter the program in the months of February and March, raising the participation rate to nearly 38% of all eligible borrowers, Econews calculated earlier. Under the program, borrowers may cap their repayments based on the exchange-rate limit for up to five years. The difference between the capped exchange-rate and the actual exchange-rate during the period is placed in a special account the balance of which the borrowers will repay later.

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