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Businesses tap HUF 565 bln in phase III FGS credit

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Almost 12,700 Hungarian microbusinesses and SMEs have tapped about HUF 565 billion in cheap credit available in the third and final phase of the Funding for Growth Scheme (FGS) of the National Bank of Hungary (MNB), a monthly press release from the central bank shows, Hungarian news agency MTI reported.

Net outlays - excluding repayments and funding not yet disbursed - came to HUF 418 billion early in March.

A little more than three-quarters of the contracted credit was for investments and the rest was for leasing transactions. Some HUF 384 bln of the credit was in forints and HUF 181 bln was in foreign currency.

Since the FGSʼs launch in the summer of 2013, almost 38,500 businesses have availed themselves of HUF 2.691 trillion of financing within the program framework.

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