Hungary’s top court will rule tomorrow on the fairness of banks’ exchange-rate margins for foreign-currency mortgages that may be used as the basis of a judgment affecting about $15 billion of the loans.
OTP Bank Nyrt., Hungary’s largest lender, used unfair exchange-rate margins in a foreign-currency mortgage loan, the country’s highest court said in a ruling that may impact $15 billion in such contracts.
Mol Nyrt. fell to a two-year low after Hungary’s largest refiner warned it may sell its INA Industrija Nafte d.d. unit as talks with the Croatian government over management rights in the company stalled.
Hungary’s bonds fell the most in more than a week and the forint dropped after the International Monetary Fund said the country needs to take “tangible steps” on resolving policy issues before aid talks can be resumed.