State to allow only forint mortgages

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Hungary will ban all foreign-currency mortgage loans from July 1, National Economic Minister György Matolcsy said at a press conference yesterday.

The current moratorium on foreclosures will also be extended to the end of the year.

The government will work out the details of the state asset manager MNV by the end of August. The MNV will oversee the portfolio of defaulted loans, buy the debtors’ homes and then lease them back.

The government has also decided to freeze Ft 120 billion of the spending of ministries and state institutions from July.

The monthly salary of public sector workers will be capped at Ft 2 million from this month.

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