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Electronic financial transactions to speed up to 4 hours

Electronic forint transactions will be completed within up to 4 hours from the second half of 2012, said Lajos Barta, director of the Hungarian National Bank.

Currently, a transaction can take 24 hours to proceed causing delays in payment. With the new system, called InterGIRO2, the interest rate of the transferred money begins four hours after transaction. Financial institutions are likely to incur HUF 5-6 billion iosses in interest, according to a survey made in 2009. The overall cost of the development is HUF 5-10 billion. (BBJ)