Bloomberg News

Hungary Set to Take More Steps on FX Loans This Year, Lazar Says

October 17, 2011

Oct. 17 (Bloomberg) -- Hungary is “almost sure” to take further steps this year to reduce the country’s stock of foreign-currency loans, Janos Lazar, head of the ruling party’s parliamentary group, told reporters today.

Ruling party lawmakers would be happy if “hardly any” foreign-currency loans remained next year, Lazar said. The government needs to “convince” commercial banks to heed the law on the early repayment of foreign-currency mortgages, which forces lenders to swallow exchange-rate losses on such loans when borrowers repay them in a lump sum this year.

To contact the editor responsible for this story: Zoltan Simon at zsimon@bloomberg.net


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