Report: Banks to fix exchange rate of FX car loans

MNB

Banks are expected to fix the exchange rate of foreign currency car loans today, following the National Bank of Hungaryʼs (MNB) launch of the first tender to provide banks with the foreign currency necessary to convert the loans, MNB managing director Márton Nagy said this morning on state-owned all news channel M1.

The conversion rate will be HUF 287.20 to the Swiss franc.

Hungarians have more than 200,000 FX vehicle loan contracts valued at almost HUF 300 bln.

Borrowers will be sent a letter on December 15 detailing the amount of their debt, the new interest rate and the repayment schedule.

The government and the Hungarian Banking Association signed an agreement on Wednesday concerning the forint conversion of FX car loans. The state and the banks will each provide 50% of HUF 31 bln in assistance required to effectively lower conversion rates.

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