CBM assessed there are now conditions for the implementation of provisions of the Law in prescribed deadlines.
“This decision, in accordance with the obligations of the CBM, regulates supervision over the enforcement of the Law, as laid down in Article 5”, explained the Central Bank.
CBM adopted this decision in the shortest of times, taking into account the liability implications for both the banks and the Central Bank.
“The aim is to facilitate the position of borrowers in CHF”, explained the Bank.
The Law provides that conversion be exercised by the official exchange rate valid on the day of taking the loan, at 8.2 percent interest. The conversion should be completed in the next 30 days, and new contracts signed in the next 45 days. Supervision of the proper application of the Law is in the hands of the Central Bank.
