Prime Minister Orbán had said last Friday that the economic protection operative group would decide about the credit moratorium at its next meeting. That meeting has now taken place, and it was confirmed that the credit moratorium will be extended (for certain parties) for another six months from January 1.
The credit moratorium has so far helped 1.6 million families and 60,000 businesses. This means that HUF 2 trillion will remain with Hungarian families and businesses until December 2020.
The parties that will receive the extended moratorium are families raising children, pensioners, the unemployed and public employees. In their case, the moratorium is automatically extended, so the only reason they would need to go to their bank is if they no longer want to take advantage of the moratorium.
“For businesses, entrepreneurs have to notify their bank that they want to extend the moratorium. If their revenue has fallen by more than 25 percent in recent months, they will be given the option of a moratorium,” the prime minister said.
PM Orbán added that the economic protection operative group has also suggested that household and business loans taken out before the outbreak should be subject to a six-month notice period for cancellation.