MNB launches probe of higher repayments for exchange rate cap scheme participants

MNB

The National Bank of Hungary (MNB) yesterday said it launched an investigation after receiving information that some lenders had, in the course of settling borrowers relief compensation and the conversion of FX mortgages into forints, raised the repayments of many clients who earlier participated in an exchange rate cap scheme, Hungarian news agency MTI reported.

Under the law on the conversion of FX mortgages, repayment of borrowers who joined the exchange rate cap scheme may not rise for a period of five years from the time a fixed exchange rate for the conversion was put into effect in February, the MNB noted.

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