MNB publishes guideline for FX loan contracts

Issues

The National Bank of Hungary (MNB) has published a guideline for recalculating retail loan contracts after legislation voided the use of exchange rate margins.

 Under the guideline published on the MNB website, banks have 60 days from the enactment of the law, on July 26, to submit their own recalculation methodology. The legislation requires banks to refund borrowers affected by the use of the exchange rate margins, which Hungary's highest court earlier found to be "unfair".

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