A government regulation on a payment moratorium has been published and further measures are expected
A government regulation on a payment moratorium has...
After the announcement of the National Bank of Hungary, The Hungarian Government published the government regulation No 47/2020 (III. 18) on March 18, 2020 which contains immediate measures to mitigate the national economic effects related to the coronavirus. This regulation entered into force on March 19, 2020 and regulates two topics in the financial sector. The first topic contains detailed rules of the payment moratorium for retail and corporate loans, and the second part is about the maximum annual percentage rate (APR) of new consumer credits. The moratorium is in effect until December 31, 2020 and applies to most of credit and loan agreements and financial leasing that have been made until March 18, 2020 for retail and corporate sector. In the case of non-secured consumer loans taken after 19 March 2020, the APR must not exceed the central bank base rate, plus five percentage points (currently 5,9%). These changes affect financial sector stakeholders in many areas, and there are still several recommendations and regulations expected from the Government.
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