Hungary plans to con­vert con­sumer loans in for­eign debt push

The Pak Banker - - FRONT PAGE -

BU­DAPEST: Hungary's gov­ern­ment an­nounced plans to con­vert con­sumer and car loans to forint, push­ing for­ward with its pledge to free house­holds from for­eign-cur­rency debt af­ter tack­ling mort­gages. Banks will con­vert as much as 305 bil­lion forint ($1.1 bil­lion) in loans at Wed­nes­day's mar­ket rates with bor­row­ers re­ceiv­ing 31 bil­lion forint in sub­si­dies on the new loans, Econ­omy Min­is­ter Mi­haly Varga told re­porters in Bu­dapest. Lenders and the gov­ern­ment will equally share the costs of the sub­sidy, he said.

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