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Romania set to approve Swiss franc loans conversion to local currency

AgainstRomanian central bank recommendations, a bill to help Swiss franc borrowersconvert their mortgage loans into the leu currency at historical exchange rateswill likely receive parliamentary committee approval on Oct. 10, Reutersreported Oct. 7, citing deputies.

There couldbe a final vote on the bill on Oct. 11, according to the report.

Romanianlegislators have been debating how to go about loan conversion, which isdesigned to help individuals who borrowed in other currencies at low rates inyears past only to suffer hardship when their own currencies lost value.

The centralbank estimated that the measure would impact local banks to the tune of about2.4 billion lei.

As of Oct. 7, US$1 was equivalent to 4.03Romanian lei.