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Varga: Hungary saves HUF 1 trillion on lower FX debt ratio, FX loan conversion

MNB

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The various government measures to reduce FX debt saved Hungary from about HUF 1 trillion in additional expenditure, economy minister Mihály Varga said on public television channel M1 this morning.

Hungary saved HUF 170 bln on the drop of the FX ratio in its state debt compared to 2010, and it saved about HUF 85-90 bln thanks to last year's advance repayment of municipal debt, he said, adding these to the 700 bln FX saved by mortgage borrowers on the conversion of their loans into forints at an exchange rate fixed last November.

Varga said that without the loan conversion, repayments would have risen by that much as a result of the recent jump in the CHF rate after the Swiss national bank released its nearly four-year limit on the EUR/CHF rate.

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