Repayment moratorium to be extended

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The government decided to extend the repayment moratorium until October 31 while a conditional moratorium will be available to those in need from November until the end of June 2022, Finance Minister Mihály Varga said on Monday.

Pensioners, families raising children or expecting a baby, fostered workers and people whose incomes have fallen can request to remain in the moratorium till next summer, the minister said in a video posted on Facebook. Corporate borrowers who wish to continue participating in the moratorium will have to show a decline in revenue of at least 25%.

Varga noted that those who wish to extend the moratorium until the end of June 2022 and meet the eligibility conditions will have to declare this to their bank. So staying in the moratorium is not automatic, he said.

A blanket repayment moratorium the government rolled out in the spring of 2020 to shield against economic fallout from the coronavirus crisis was set to expire at the end of the month.

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