After the new bill takes effect, foreign-currency debtors will have 30 days to inform authorities if they do not want to take part in the conversion,

He pointed out that a 2011 law states that only those who receive high salaries in foreign currency can have foreign currency debt.

Varga therefore expects the vast majority of bank clients to opt for conversion.

Separately, government spokesman Zoltán Kovács said banks will renegotiate the foreign-currency mortgage contracts with all concerned clients.

No agreement has been reached on the interest rate of the forint loans that will replace the existing foreign-currency mortgages, he pointed out.

Source: Hungary Around the Clock

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