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Gov’t Extends Repayment Moratorium for Vulnerable Borrowers

MTI-Hungary Today 2021.09.13.

The government has decided to extend the moratorium on loan repayments for vulnerable borrowers until June 30, 2022, Finance Minister Mihály Varga said on Monday.

Under the decision, pensioners, families expecting and raising children, public workers, and people whose incomes have fallen compared with last year will be eligible for continued participation in the moratorium from November, Varga said in a video posted on Facebook.

Corporate borrowers who wish to continue participating will have to show a decline in revenue of at least 25 percent, he added.

To give borrowers enough time to notify their banks that they intend to keep participating in the moratorium, the current blanket moratorium will be automatically extended until Oct. 31, the minister said.

Varga said that 91 percent of Hungarians who sent back the government’s latest National Consultation questionnaire supported extending the moratorium for vulnerable borrowers.

He also advised borrowers who were not distressed to consider restarting installments.

In the featured photo: Finance Minister Mihály Varga. Photo by Tibor Illyés/MTI