The monetary council has approved the plan that aims to facilitate the phasing out of foreign-currency loans in a fast and orderly manner without destabilising the financial markets or putting pressure on the forint, Nagy added.

The programme will be available for banks from October 13.

An additional €9-11 billion may be required for the planned conversion of the loans into forints, Nagy said, but that depends on the details of the plan.

The government has not yet decided on the timing of the conversion.

Source: Hungary Around the Clock

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