Serbian Government Adopts Lex Specialis on Swiss Francs: 38 Percent of Remaining Debt to Be Written Off

BELGRADE, (Patria) - The Serbian government has adopted the draft Law on the conversion of housing loans indexed in Swiss francs, which stipulates that the remaining part of the debt be converted into euros, that the amount obtained from the conversion be reduced by 38 percent, and that the interest rate be limited to 3.4 percent. The law should be sent to the parliamentary procedure by the end of the week.

Minister of Finance Siniša Mali emphasized that this lex specialis resolves a problem that has existed for more than a decade, and that it was preceded by difficult negotiations, but that a compromise solution has been found, according to the ministry's statement.

"This lex specialis is a compromise solution between several interested parties - citizens, i.e., the associations representing them, banks, and the state on the third side," Mali stated.

Within 30 days of the law coming into effect, the bank is obliged to provide the user with an offer to conclude an agreement.

If the user accepts the conversion of the housing loan in accordance with this law, they are obliged to inform the bank within 30 days of receiving the documents and conclude a conversion agreement with the bank.

The draft law will enable the resolution of the problem for about 16,800 people who have taken out loans in Swiss francs.

The president of the Association of Citizens CHF, indebted in Swiss francs, Jelena Pavlović, assessed that the adoption of the lex specialis is good news for all debtors in this currency and the result of a compromise among all participants in the negotiations.