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Hungary to start conversion of forex loans in spring 2015-minister
September 4, 2014 / 1:52 PM / 3 years ago

Hungary to start conversion of forex loans in spring 2015-minister

NYIREGYHAZA, Hungary, Sept 4 (Reuters) - The planned conversion of foreign currency loans is expected to start in the spring of 2015, Economy Minister Mihaly Varga told a conference of economists on Thursday in eastern Hungary.

Hungary’s government plans to phase out foreign currency-denominated loans to reduce the burden on households who lost out on the loans, mostly taken out prior to the 2008 financial crisis, after the exchange rate shifted.

Reporting by Krisztina Than; editing by Andrew Roche

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