Forint Conversion Of Fx Loans Expected In 2015, Says Varga

Budapest, July 21 (MTI) – The conversion of foreign currency-denominated loans into forints is expected to take place in 2015, Economy Minister Mihaly Varga said in an interview published on the website of weekly HVG on Monday.

Legislation on the conversion is expected to be submitted to parliament at the end of November or early December, and the relevant laws should be passed before the end of the year, Varga told hvg.hu.

Borrowers should have a clear idea by the end of 2014 of the conditions of the conversion, he added.

On a different subject, Varga said reducing the VAT rate, that is reducing consumption and income-based taxes at the same time, would be “difficult to implement”, he said.

Varga said building an acknowledgement for parents into the pension system was a “good idea”. He added that the pension systems of several European countries provide incentives for raising children.

Photo: belfoldihirek.com

Source: http://mtva.hu/hu/hungary-matters