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Banks in Hungary are threatened by fixed rate FX conversions

19 September 2011

On 12 September, Hungarian Prime Minister Viktor Orbán announced that his government is supportive of the proposals put forward in the Hungarian Parliament by FIDESZ Party MPs which plan to oblige banks in Hungary to permit borrowers to repay their foreign exchange liabilities at a legislated conversion rate that has been announced as, variously, approximately 22% below the current rate for the Swiss franc and 11% for the euro.

This briefing discusses the implications.

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