Through fixing the exchange rate of franc based loans at 256.5 forints and at 309 forints for euro-based ones the government has saved debtors from having to repay an increase of their debt amounting to 500 billion forints, the minister said.

On the subject of national debt, Varga said that state debt manager AKK would convert Hungary’s debt to euros, and the franc’s current strengthening would not have a significant impact.

He added that AKK has already repaid the Swiss franc based loans taken over from local governments last year. Varga said the government was committed to further reducing Hungary’s debt to further ease related risks and the country’s vulnerability.

Source www.hungarymatters.hu

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