Franc

Ljubljana – Slovenian banks have come out strongly against a bill the upper chamber of parliament has tabled to help several thousand borrowers who took out loans in Swiss francs at low interest rates while their monthly instalments skyrocketed when the Swiss central bank stopped protecting the value of the currency in 2015.

It is official that the Eco will replace the CFA franc as the new currency for the eight Francophone countries that form the West African Economic and Monetary Union (UEMOA).

France's Council of Ministers officially passed a bill earlier this month that ratified the reform of the monetary agreement that bound the French government to the eight member states.

Greece's Supreme Court has overwhelmingly ruled that some 70,000 people who had taken out loans in Swiss francs will have to repay them at the current exchange rate and not that at the time they were issued by the banks. 
Due to a currency appreciation of the Swiss franc, many borrowers have seen the cost of their loan increase despite having paid regular installments in repayments.

Croats stuck with huge debts over loans taken out in Swiss Francs are celebrating a final court ruling in their favour on Wednesday - confirming an initial verdict five years ago.

After the Croatian government on Thursday presented the final draft of the law resolving the issue of Swiss franc loans, the NGO Association Franc welcomed the move.

The draft provisions that all franc loans will be converted into less expensive euro loans, using the exchange rate on the date the loan was taken out.

A consortium of international banks, involving the major part of Croatia's banking system, on Thursday announced a lawsuit against the Croatian government's over its decision to solve the problem of loans in Swiss francs by converting them into euro.

Franc Bogovic, a member of the European Parliament, stated that both the European Union and Western Balkan countries pursue a wrong policy towards Serbia.

Croatian Finance Minister Boris Lalovac is running against the clock to find a solution to the problem of citizens who took out loans in Swiss francs that have now become too costly to repay.

The government intervened in January, freezing the exchange rate with the franc for a year, after it soared in value by 20 per cent, in a move to stabilise the problem of rising interest rates.

Croats faced with court seizures of their personal bank accounts and with unpayable loans that result in forced evictions are organising a series of protests in Zagreb.

"Association Blocked", representing people with blocked bank accounts, is to hold a protest on Thursday in front of the government building in Zagreb.

A Croatian NGO set up to lobby for the rights of people with loans in Swiss francs on Monday announced street protests in April while calling for the resignation of the national bank chief.

The Association Franak said that the governor of Croatian national bank, HNB, Boris Vujcic, should step down, Ivan Kontrec, from the Association, told a press conference.