Monday by the Hungarian Leasing Association, lessors in Hungary can
expect tough times as a result of banks suspending foreign currency
loans this month.
Hungary’s leasing market, which is mostly dominated by banking
subsidiaries, has seen greater and greater numbers of foreign
currency loans written over recent years as SME and consumer
finance customers have favoured cheaper foreign currency financing
over dealing in Hungarian forints, due to lower interest rates.
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Last year, 90 percent of household borrowing in Hungary was
conducted in euros and Swiss francs. Now, with the national banking
system responding to massive international liquidity shortages by
limiting or ceasing the availability of such currencies, the
bonanza is drying up.
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