Hungary Delays FX Mortgage Plan on Legal Uncertainty

Hungary’s government, which threatened banks with a plan to phase out billions of dollars of foreign-currency mortgages, will delay presenting the measures because of potential legal obstacles.

“If courts in the coming weeks and months pass rulings that would allow, say, a government decision to be contested, then we won’t have done anything,” Economy Minister Mihaly Varga said today in Budapest. “We need to be cautious and the coming period will be about seeking legal clarity.”