PSzÁF head says government's exchange-rate limit should be permanent

Initiatives

The government is continually examining every viable means of reducing the exposure of Hungary's population to foreign currency debt, but it is not planning to take any permanent measures, the National Economy Ministry told MTI on Friday. The ministry said that measures to help fx debtors cost money to the budget. Previously, Hungarian Financial Supervisory Authority (PSzÁF) president Károly Szász said that the government's temporary exchange-rate limit option for borrowers with loans denominated in foreign currencies should be made permanent. “As long as there are customers with foreign-currency loans, we should provide them with the possibility, if they feel the need, of entering into this construction,” Szász said. Szász noted that he has received no information indicating that the government is considering extending the five-year limit for the program under which debtors may cap their repayments on fx loans based on a temporary exchange-rate limit and repay the difference between the latter and the actual exchange rate later.

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