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Hungary: Good News for Banks in Forex Proceedings

Published: December 16, 2013; 19:08 · (Vindobona)

Banks operating in Hungary can feel relieved by the Supreme Court’s judgement.

Hungary: Good News for Banks in Forex Proceedings / Picture: © SW Umwelttechnik

On Monday, the Supreme Court in Hungary decided that exchange risks from forex loans granted by financial institutes had to be borne by bank clients. "Just on the basis of the exchange rate risk for the borrower, this type of contract is not against the law, or good morals and is not usury," Judge Gyorgy Wellman told reporters after a sitting of the court.

Insiders expect that…

This article includes a total of 214 words.

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