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FX borrowers open almost 11,000 exchange rate limit scheme accounts

Borrowers with foreign currency-denominated loans participating in an exchange rate limit program opened 10,827 special accounts related to the scheme by the end of May, fresh data published by financial market regulator PSzÁF show.

Under the exchange rate limit scheme, borrowers may opt to cap their repayments based on the limit. The difference between the rate of repayment and market rates is to be placed on a separate account for repayment later.

The number of special accounts opened rose by 4,280 in May, the first month the scheme was opened to private sector workers. The number of accounts rose by just 836 in the previous month.

The stock of loans registered for the exchange rate limit scheme came to HUF 102.7 billion at the end of May. Swiss franc-denominated loans accounted for HUF 97.4 billion of the stock.