Hungary, Banks Agree On FX Deal

The Hungarian government and banking association have reached an agreement to help foreign currency mortgage holders,Reutersreports. The five point deal has been named as the Home Protection Action Plan, addsportfolio.hu.

According to the deal, mortgage holders will have an option to limit their monthly debt servicing costs by fixing the exchange rate on euro, Swiss franc and yen-denominated mortgages until 2014 end. The borrowers have been asked to repay the outstanding amount on the overflow account from Jan. 1, 2015.

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