Economy

Rogán: February Brings Important Change For Forex Loan Holders

February 1 is an important date for forex loan holders because in line with the laws on conversion to forints, their instalments from next month will be calculated at the fixed rate, ruling Fidesz group leader Antal Rogán said. Loan holders will greatly benefit from this considering that the exchange rate of the Swiss franc against the forint is currently around 310, he said.

The Constitutional Court’s decision on Thursday showed that banks’ tactics of playing for time had failed and implementation of the law on banks’ accountability is fully constitutional and cannot be avoided, Antal Rogán said.  As it is known, Hungary’s Constitutional Court rejected a request to annul some parts of legislation on retail loan contracts. The request, submitted by Metropolitan Appeals Court, was made based on the argument that the legislation violated the principles of the division of power and legal security. However, the Constitutional Court rejected the request.

Antal Rogán also said that Hungary’s bank levy could be reduced no sooner than next year, and only if banks contribute to economic growth by boosting their lending activity. If lending expands and Hungary’s GDP growth remains steadily over 2%, but rather around 3%, a reduction in the bank levy could be considered, he said. If lending does not pick up, a cut in the levy would be very difficult to conceive, Rogán insisted.

via hungarymatters.hu photo: nol.hu