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Corporate loan stock falls in Jan on revaluations

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Outstanding loans and corporate bonds of non-financial Hungarian companies fell HUF 290.7 billion to HUF 7,560.6 billion at the end of January from a month earlier, mainly because of revaluation changes, a monthly report by the National Bank of Hungary (MNB) shows.

The stock fell on HUF 271.0 billion of revaluation and other changes and HUF 19.7 billion of transactions, the data show.


The companies took out net HUF 42.8 billion of forint loans but repaid net HUF 62.6 billion of foreign currency-denominated loans. Including a HUF 7.1 billion revaluation effect on the forint loans, total stock climbed to HUF 3,169.3 billion at the end of the month. The companies' stock of FX loans was reduced by a HUF 260.3 billion revaluation, as well as the repayments, bringing total stock to HUF 4,276.2 billion at the end of the month.


The companies stock of deposits fell by HUF 254.1 billion to HUF 4,163.2 billion at the end of January from a month earlier. Forint deposits were down about HUF 1947 billion at HUF 2,794.3 billion, mainly on net withdrawals. FX deposit stock fell HUF 60 billion to HUF 1,368.9 billion because of revaluation losses.

The forint firmed 5.9% to HUF 293.70 against the euro and 5.1% to HUF 243.54 against the Swiss franc, the main currencies of corporate FX loans, between the end of December and the end of January.

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