Romanian lawmakers eye loans conversion law

About 130 Romanian deputies and senators are endorsing a bill that will allow people with bank loans in foreign currencies to convert them into the national currency without any supplementary costs, following the model Hungary has already adopted, but which many associate with electoral purposes.

The draft law envisages covering both the banks and non-banking financial institutions.

“The bill aims to protect consumers who have loans in a foreign currency from increasing installments caused by fluctuating exchange rates,” say the promoters of the draft law. The move comes after thousands of Romanians got bank loans years ago at an exchange rate much better than the current one which led to higher installments. They were lured by the lower interest rates these loans had compared to those in the national currency.

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(Photo: CameliaTWU/