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Govt to review plan of APR cap on credit cards, short-term loans

The government will review whether a 30% cap on the effective annual percentage rate (APR) should apply to credit card companies and loans that mature within a year, an MP of governing Fidesz said on Monday.

Prime Minister Viktor Orbán announced the APR cap last Monday, but the bill introducing it will be submitted to Parliament only within a month to allow time for the review, proposed by Public Administration and Justice Minister Tibor Navracsics, Antal Rogán said at a meeting of Parliament's Economy Committee.

The committee cleared for general debate bills on establishing a list of borrowers who make their repayments on time and another on early repayment of foreign currency-based loans at a fixed rate.