"But the financial crisis sent the forint tumbling. The capital value and servicing costs of the loans mushroomed in forint terms; consumer spending slumped. At the end of March, Hungary still had over Ft3.55tn ($15.8bn) of foreign currency mortgages outstanding, equivalent to 12 per cent of gross domestic product. More than 20 per cent of the loans by value had repayments more than 90 days overdue."This is the resolution of the HUF carry trade, conducted by domestic households: borrowing EUR and CHF to purchase higher yielding domestic assets.
Friday, July 26, 2013
Hungary struggles with foreign currency loan burden
Hungarian foreign currency loans. FT.com:
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