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Hungary to extend credit debt repayment moratorium by six months

Christian Fernsby ▼ | September 23, 2020
Jobs and the living standards of families must be protected also during the virus, Prime Minister Viktor Orbán stressed in a video message posted on his Facebook account on Saturday, announcing that the credit debt repayment moratorium offered to households will be extended in the case of certain social groups for another six months from 1 January 2021.
Viktor Orbán
Hungary   Viktor Orbán
After the meeting of the economy protection operational group, the Prime Minister said they will extend the moratorium for families raising children, regardless of the number of children they raise, pensioners, the unemployed and those working in public works schemes.

Topics: Hungary

In the case of businesses, they are required to inform the bank whether they wish to extend the moratorium, and they will only be granted the option of suspension if their revenues have decreased by more than 25 per cent, Mr Orbán said.

“Families raising children, pensioners, the unemployed and persons participating in public works schemes will not be required to do anything; if they wish to suspend their payments, the moratorium will be extended automatically” in their case, he said, adding that they will only be required to contact their banks if despite the possibility of the moratorium they would like to continue their payments.

Additionally, based on the recommendation of the economy protection operational group, the government has imposed a ban on the termination of all retail and business loans taken out before the beginning of the coronavirus epidemic, Mr Orbán informed the public.

The Prime Minister said the credit debt repayment moratorium has helped 1.6 million families and 60,000 businesses.

This means that until December some HUF 2,000 billion ($6,4 million) will remain with families and businesses, he highlighted.


 

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