Arab Today, arab today croatia freezes swiss francs rate for a year
Last Updated : GMT 19:14:13
Arab Today, arab today
Arab Today, arab today

Croatia freezes Swiss franc's rate for a year

Arab Today, arab today

Arab Today, arab today Croatia freezes Swiss franc's rate for a year

Croatian Kuna banknotes
Zagreb - AFP

Croatian lawmakers Friday fixed the Swiss franc's rate for loans for one year at the level it was before the currency's shocking surge last week, in a bid to help 60,000 struggling borrowers in Croatia.
According to amendments to the Consumer Loan Act the franc's rate for payments of loans was fixed at 6.39 kunas (0.83 euros, $0.93) for a year. The banks were to bear the costs estimated by the Croatian Central Bank (HNB) at some 52 million euros.
The amendments had been proposed by Prime Minister Zoran Milanovic's centre-left government.
The Croatian Banking Association (HUB) earlier voiced surprise with the government's decision and warned that it "puts the burden on one side only."
Some 90 percent of Croatia's banking sector is controlled by foreign banks.
Milanovic, who faces parliamentary elections later this year, on Wednesday pledged a lasting solution over the issue and said his government would also review possible conversion of home loans into Croatia's kuna currency.
But HNB warned that the possible conversion of home loans in Swiss francs into kunas would reduce Croatia's international reserves by 30 percent.
Meanwhile, an association of borrowers holding loans in Swiss francs called on Croatians to light candles in front of all banks throughout the Balkan country at the weekend for the "victims of the Swiss franc and all other loan-shark credits."
Switzerland's central bank last week ended a three-year bid to artificially hold down the franc's value. The sharp rise in the franc wreaked havoc on global markets and bankrupted several foreign exchange traders.
Since then Croatia's kuna currency has fallen by nearly 20 percent against the Swiss franc.
More than 100,000 people in Croatia took out loans denominated in Swiss francs, almost three-quarters of which were to buy homes. Some 60,000 of the loans are still outstanding.
Swiss franc loans became popular in several central European countries in the 2000s when they offered lower interest rates than local currencies.
Croatia joined the European Union in 2013, but has yet to adopt the euro.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today croatia freezes swiss francs rate for a year Arab Today, arab today croatia freezes swiss francs rate for a year

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Russia, Iran ink economic deals

GMT 08:03 2017 Wednesday ,29 March

Russia, Iran ink economic deals
Arab Today, arab today Media host gives priority to problems of people

GMT 07:00 2017 Tuesday ,28 March

Media host gives priority to problems of people
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today Trump moves to roll back Obama climate measures

GMT 08:39 2017 Wednesday ,29 March

Trump moves to roll back Obama climate measures
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Mercedes, VW recall million vehicles in China

GMT 09:16 2017 Wednesday ,29 March

Mercedes, VW recall million vehicles in China
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Trump poised to roll back climate protections

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 11:55 2017 Wednesday ,29 March

Need ‘gymspiration?’ The top fun fitness bloggers

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 05:17 2017 Wednesday ,29 March

Samsung to sell refurbished Galaxy Note 7s

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday