MNB Issues Statement to Clarify Application of Repayment Moratorium
MNB published a statement and a list of questions and answers (Q&A) that clarify the treatment of loans in context of the repayment moratorium that was put in place to ease the impact of COVID-19 pandemic. The repayment moratorium not only gives customers temporary relief with the nine-month repayment stop but also guarantees a predictable installment afterwards. Due to the moratorium, "no one can increase the monthly repayment from 2021," specifies the MNB statement; this can only change for a variable-rate loan, which has nothing to do with the moratorium. MNB has been releasing communications on this to inform creditors since the beginning of the repayment moratorium. Additionally, a section of the MNB website offers an overview of the financial measures announced in the country in response to the pandemic.
Keywords: Europe, Hungary, Banking, Loan Moratorium, Q&A, Credit Risk, Loan Repayment, COVID-19, MNB
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