FX Loan & Bank Bills Approved In Hungary
- 26 Nov 2014 8:00 AM
Parliament on Tuesday approved the bill ordering the conversion of foreign-currency retail loans into forint ones next year. Loans must be converted at the MNB’s rates as at November 7. Interest rates on the forint loans will be linked to the Budapest interbank rate Bubor.
The so-called “fair banking” bill was also approved, setting stricter requirements on banks in providing loans and information to clients in the future.
This bill stipulates that interest rates must be fixed or linked to a recognised benchmark.
Source: Hungary Around the Clock
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